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Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 118676
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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I have a piece of ground under contract to sell. It has been

Customer Question

I have a piece of ground under contract to sell. It has been under contract since February. As we have gone along, we have been required to create a subdivision, annex into Midway city, build a road with a trail, etc. etc. in order to sell the piece. All expenses I had not counted on when I went into contract. Several of the expenses have come to light just recently. My costs will be over $100,000. Can I get out of this?
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 2 years ago.

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

If you have a signed contract and the other party can sue you for breach of contract and seek either specific performance, which means completing the sale, or damages from you that they incurred. The only way out of the contract is if the other party is in breach of the contract and refuses to cure that breach and in that case you could terminate the contract based on their breach. However, if they are not in breach the only other way out of it without damages to you would be negotiating with them to terminate the contract.