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I made an offer on a home that was accepted today, but I…

Customer Question
I made an offer...

I made an offer on a home that was accepted today, but I have changed my mind and I do not want to purchase the home, can I cancel the contract?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Colorado

Lawyer's Assistant: Has any paperwork been filed?

No

Submitted: 11 months ago.Category: Real Estate Law
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Answered in 3 minutes by:
9/18/2017
Real Estate Lawyer: Legal Eagle, Lawyer replied 11 months ago
Legal Eagle
Legal Eagle, Lawyer
Category: Real Estate Law
Satisfied Customers: 14,253
Experience: Licensed to practice before state and federal court
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating so all that means is that you can count on me to help today. Generally, the home sale contract is not completed until the home sale closes. Usually, closing occurs when one party makes an offer and the other party accepts the offer. Now, what's going to be important to understand is what is in the contract. If it is required by the terms of the contract that both parties have to sign a document in writing approving the offer and the acceptance, and all of the other terms of the agreement, then simply orally accepting the agreement would be insufficient. However, if for some reason the agreement is silent on whether both parties need to agree in writing to the terms of the sale, or if oral agreements are allowed, you’ll be bound to the terms. What I have seen sometimes people do in situations like this as they will do what they can to modify the agreement. For example, if you know somebody that would like to purchase this house that would otherwise be qualified to purchase the home, then the home seller would be very likely to let you out of the contract and sell it to somebody else. Otherwise, you may end up having to go through with the home sale.

Also, although I provided an initial answer, it’s important that you are 100% satisfied. If you feel I have done so, please rate me 5 stars and let me know if you have any follow up questions. As a side note, you can also click here in the future to request me individually.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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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