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Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 55453
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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How do I recind the acceptance of a signed real estate

Customer Question

How do I recind the acceptance of a signed real estate contract. I have incurred a loss inthe stock market which makes the offer unacceptable.
JA: Real Estate issues can be tricky and expensive. The Lawyer will need to help you with this. Have you talked to a lawyer yet?
Customer: No, I have a call in to the real estate sales person.
JA: Anything else you think the lawyer should know?
Customer: I was using the proceeds of the sale inconjuction with funds in investments towards the purchase of a home.
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Lawyer about your situation and then connect you two.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.

Hi! My name is ***** ***** I will be helping you today! It will take me just a few minutes to type a response to your question. Thanks for your patience!

Expert:  Richard replied 1 year ago.

Yes, you can get out of this contract. 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.

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