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How do I, the seller, get out of a purchase contract?

Customer Question
How do I, the seller, get out of a purchase contract?
Submitted: 9 months ago.Category: Real Estate Law
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Answered in 23 minutes by:
11/29/2017
Real Estate Lawyer: Marsha411JD, Lawyer replied 9 months ago
Marsha411JD
Marsha411JD, Lawyer
Category: Real Estate Law
Satisfied Customers: 21,036
Experience: Licensed Attorney with 29 yrs. experience with Real Estate
Verified

Hello,

Thank you for your question. Just to be clear are you referring to the purchase of real property? Has the buyer breached the contract in any way? Please provide a little context to your question.

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Customer reply replied 9 months ago
No, the buyer is ready, willing and able and wants to close on the home; however, because the seller overheard the buyer and agent in a personal conversation about the home during the walk-thru, the seller decided to halt the walk-thru and submit a T & R.
The Termination and Release was given to the purchaser because ". . . due to buyer and agent attitude at walk thru".In the Purchase and Sale Agreement it states:On page 6 paragraph 17, the last sentence states that suing for specific performance is not a remedy.
On page 6 paragraph 18 states that we have the right to Arbitrate. . .
On page 8 paragraph 13 states that the Seller has the right to terminate any time prior to closing.Please advise of any recourse the Purchaser may have at this point for Seller to perform, if any.I am trying to attach the Purchase and Sale Agreement but I am not having any success.
Real Estate Lawyer: Marsha411JD, Lawyer replied 9 months ago

I am going to have to opt out of the question as it would require an attorney to provide you with a legal opinion and advice, which is beyond the scope of the services we provide on this Site, which are only informational. Both the Site and our Bar Ethics rules prohibit what you are looking for. I strongly urge you to hire a local attorney who can form an attorney-client relationship with you to assist you locally on this issue. However, there might be another professional who is willing to assist you in providing general information, so I will opt out.

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Real Estate Lawyer: Infolawyer, Lawyer replied 9 months ago
Infolawyer
Infolawyer, Lawyer
Category: Real Estate Law
Satisfied Customers: 64,577
Experience: Experienced lawyer
Verified
Different expert here. Why do you want to cancel it?
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Customer reply replied 9 months ago
I actually clicked on the pre-populated question with the hopes to read answers; however, I am representing the Buyer and not the Seller. The Seller is terminating the contract and the Buyer wants to close on the home.Here's some context:The buyer is ready, willing and able and wants to close on the home (12/07); however, because the seller overheard the buyer and I in a personal conversation about the home during the walk-thru (11/27), the seller decided to halt the walk-thru and submit a T & R.The Termination and Release was given to the purchaser because ". . . due to buyer and agent attitude at walk thru".In the Purchase and Sale Agreement it states:On page 6 paragraph 17, the last sentence states that suing for specific performance is not a remedy.
On page 6 paragraph 18 states that we have the right to Arbitrate. . .
On page 8 paragraph 13 states that the Seller has the right to terminate any time prior to closing.Please advise of any recourse the Purchaser may have at this point for Seller to perform, if any.I am trying to attach the Purchase and Sale Agreement but I am not having any success.
Real Estate Lawyer: Infolawyer, Lawyer replied 9 months ago
Normally specific performance is buyer’s remedy. If excluded then buyer can arbitrate and seek compensation relating to seller breach. Practically the parties should attempt to settle for a small amount to compensate buyer for the breach if cannot come to terms on sale.Please let me know if the reply is acceptable by responding “yes” or “acceptable”
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