Terminate Co…, Home Buyer in North Carolina

Is an email enough to terminate the OFFER TO PURCHASE contract?

Asked by Terminate Contract, North Carolina Tue May 6, 2008

Hi,
In NC, is it enough to send an email to terminate a OFFER TO PURCHASE contract or should I send an NOTICE TO SELLER TO...TERMINATE THE CONTRACT? Please help?

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Answers

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The first question is what are the grounds for you terminating the contract? In North Carolina the offer to purchase contract is valid and enforcable unless you cannot fulfill the obligations (not being able to obtain financing) you have committed to. Of course you need to consult your agent and make sure you will not be held liable. If you breach the contract without cause then you will at the very least lose your earnest money. On the worst case you could be sued for "specific performance" where the seller forces you to buy the property. So consult you agent or if do not have one consult an attorney to make sure you are covered.

To answer part of the question an email could have served as notice to withdraw an offer but, to terminate the contract you must show just cause.
0 votes Thank Flag Link Tue May 6, 2008
Typically, any change in a real estate transaction must be in writing, signed by both parties. A unilateral cancellation is not valid until accepted, again in writing, by the seller or seller's agent. Should you relie solely on a notice such as you suggest, you could jeopardize your earnest money and/or open yourself up to a lawsuit for specific performance.
0 votes Thank Flag Link Tue May 6, 2008
My statement was if you were just submiting an offer and it had not been accepted yet by the seller.

In your case now with more information, I would seek the advise of an attorney since you do not have an agent representing you.

Next time, I would seriously consider working with an agent. They are free to use in most cases and have been trained to deal with this sort of problem.

Good Luck!
0 votes Thank Flag Link Tue May 6, 2008
I do not have a buyer agent. The repair amount is very much higher than the repair contingency. The seller is not willing to fix few more items 'not working as intended' from the inspection report.

Penney, do you mean writing an email is enough to release the seller and buyer? Is it not required to complete and send 'Notice to Seller...Terminating Contract' document to release the seller?

Thanks.
0 votes Thank Flag Link Tue May 6, 2008
You need to notify them that you wish to terminate before they notify you that it has been signed. You need to call them and than follow up with an email.

Please consult your buyer's agent on this as this would be their job to do.

There may be more steps that need to be taken but it is hard to tell with your post.

Good Luck!
0 votes Thank Flag Link Tue May 6, 2008
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