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The house is under contract but do to personnel problems we…

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the house is under contract...
the house is under contract but do to personnel problems we like to stop selling the house. What can we do?
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 24 minutes by:
2/22/2016
Real Estate Lawyer: J. Warren, Lawyer replied 2 years ago
J. Warren
J. Warren, Lawyer
Category: Real Estate Law
Satisfied Customers: 2,250
Experience: Experience in residential real estate and commercial leases.
Verified

Hello and welcome to JustAnswer. Please note:This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

I am very sorry to hear about your situation. This type of situation is problematic and does make you vulnerable to a lawsuit by the buyer for damages (i.e. rent, moving expenses and related expenses to moving forward with the sale) along with possibility of a suit for specific performance, that is buyer seeks an order compelling you to sell the property. Specific performance suits are rarely won by a buyer however and while there is that risk, it is not a high risk.

So what can be done, first review the contract and make sure there is no contingency for the seller to back out of the contract such as seller has to find suitable housing or approval by other family members. These are not typical provisions in a sale agreement but the agreement should be reviewed to make sure.

Another option is to offer some sort of cancellation fee to the buyer for the inconvenience of terminating the sale. This may be for example double the amount of earnest money they put down.

Another option is to simple take the risk that the buyer will have some compassion for the reason why the seller wishes to breach the contract and they will decide to walk away for return of their earnest money. This is more often the case and the buyer just moves on, however, there is a risk the buyer will not be so lenient and will attempt in some way to be compensated.

I wish I had better news or a silver bullet to give you to get out of a real estate sales contract.

All my best and encouragement. Please note that you are asked to rate my courtesy and professionalism, and not whether the answer supports your legal position. I only receive credit when rated “ok” (3 stars) or higher. If for any reason you feel that a low rating is appropriate, please first give me the opportunity to address your concerns by clicking the "reply" tab.

Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you.

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Real Estate Lawyer: J. Warren, Lawyer replied 2 years ago

Can I answer any additional follow up questions for you or clarify anything I have written above? If not, can you please press a positive rating above this message box in the ratings section so I will be paid for my time assisting you on this matter? Pressing a positive rating will not cost any additional money - it is simply the trigger used by Just Answer to pay me for my time (pressing the middle star or the fourth or fifth star on the right are all positive rating buttons).

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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