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I signed a contract to sell my property & I have changed my

Customer Question
mind. I don't want...
I signed a contract to sell my property & I have changed my mind. I don't want to sell. What are my options
Submitted: 1 year ago.Category: Real Estate Law
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Answered in 1 minute by:
3/11/2016
Real Estate Lawyer: Richard, Lawyer replied 1 year ago
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 55,792
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Good morning Myrna. My name is ***** ***** I look forward to helping you.

You can approach this one of two ways. One, you can simply terminate the contract by notifying the buyer of the termination and returning the deposit. Going this route, you would have some risk..that risk being: i) the buyer suing for damages...such as any costs incurred in connection with the purchase of the property and if the contract provides for specific performance, the buyer suing to force you to sell; and ii) if the listing agreement provides for a commission to be earned when a willing and able buyer is found rather than only upon closing, the payment of the commission. But, buyers rarely pursue the specific performance option even if granted in the contract. Two, almost all real estate transactions have issues...inspections, title issues, appraisal, financing, etc. You can simply say no to everything the buyer requests and pretty much make the process so unbearable the buyer terminates. In that case, you would have no liability. In my experience. buyers rarely pursue suits...they are interested in buying a house and don't want to get caught up in time-consuming and expensive litigation. And, it's important to not let the real estate agents try to intimidate you...they are only concerned with getting their commissions and will almost always threaten you with dire consequences in order to scare you into closing!

Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

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Richard
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 55,792
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Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.

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