Home Buying in Philadelphia>Question Details

Desmond Flad…, Real Estate Pro in New York, NY

Seller want to terminate a real estate sales agreement.

Asked by Desmond Fladger, New York, NY Wed Sep 12, 2012

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Sandra Brown’s answer
Yes, buyer or seller can terminate a agreement, these contracts can be terminated on some criteria. It is definitely the choice of offended party to file a suit and argue that the court should impose the contract and compel "specific performance ". It is not a big deal, but you have to be more focused on the agreement terms and conditions.

A seller can be sued in court and made to sell. A buyer can be sued for damages if they don't buy. Usually, you can always try to negotiate a termination. If you are a seller, you can offer to pay the buyer for any expenses they have incurred for inspections, loan applications, etc. If you are the buyer, you will probably lose your earnest money, but I think the seller can also sue for other damages. You need to consult an attorney to be sure what your liability is in your situation. I hope this information will help you. In my opinion you can take help of reliable estate agent to find properties, as they are expertise in their field and provide you more detailed information about the terms and condition related to property concern, you can read rules and regulation on :
http://www.plazaestates.co.uk
0 votes Thank Flag Link Tue Sep 18, 2012
Hi Desmond,

Are you the buyer? If you have an executed agreement, it is a legal, binding contract.

There are usually contingencies and timnelines that must be met. If a party to the agreement doesn't fulfill those obligations in a timely manner, as stated in the agreement, then Seller may terminate.

All the best,
Larry Lichtman, CNE
REALTOR, Property Manager
Your Real Estate Resource For Life
Cell/Text: (267) 254-7994
LarrySellsRealEstate@gmail.com

DJCRE, Inc.
Real Estate Sales & Leasing
Property Management & Insurance
1611 Snyder Avenue
Philadelphia, PA 19145
Office: (215) 271-7070
2 votes Thank Flag Link Wed Sep 12, 2012
What is the question?



Your Real Estate Professional,

Robert Travers
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Keller Williams Main Line Realty
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0 votes Thank Flag Link Thu Sep 13, 2012
What is your question?

Philip J. Cunningham Sr.
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia, PA 19152 215-725-5700 X49
PhilCunningham2004@yahoo.com
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0 votes Thank Flag Link Thu Sep 13, 2012
Mr. Fladger,

As others have mentioned, you haven't given us much to work with here. You made a statement about something that someone wants to do in a real estate transaction. Sellers and Buyers terminate contracts every day for a variety of reasons in a variety of ways. The devil is in the details. Please provide more information if you want someone to give you a reliable answer about a specific situation.


Joe Stone - REALTOR®
Exclusive Homes Realty
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682-777-0836

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0 votes Thank Flag Link Wed Sep 12, 2012
Good Evening Desmond,

If you are in a Contract in N Y Location ...... there is Usually Real Estate Attnys involved, So...... you too should seek lega ladvice from a REAL ESTATE ATTNY. State Law? Dunno?

Or you could come to a meeting of the Minds with Agent + Client and work something out?

All the Best John Curci RE/MAX Properties in Pa.- 215-757-2889
Web Reference: http://www.homecatch.com/
0 votes Thank Flag Link Wed Sep 12, 2012
yes. either party can decline to perform. then it would be the choice of the offended party to file a suit and argue that the court should impose the contract and compel "specific performance ". you are identifying yourself as a RE Pro. maybe your principal broker can mentor you in this transaction.
0 votes Thank Flag Link Wed Sep 12, 2012
we might have a wee bit of a problem, advising you with that much information:
0 votes Thank Flag Link Wed Sep 12, 2012
Are you not represented by a real estate agent? Ask them to explain what your options are at this point. It may not be a big deal to terminate the contract.

Are you the buyer or the seller? It is generally harder for a seller to get out of a contract than a buyer. A seller can be sued in court and made to sell. A buyer can be sued for damages if they don't buy. BUT you can always try to negotiate a termination. If you are a seller, you can offer to pay the buyer for any expenses they have incurred for inspections, loan applications, etc. If you are the buyer, you will probably lose your earnest money, but I think the seller can also sue for other damages. You need to consult an attorney to be sure what your liability is in your situation. And if you do negotiate a termination, I would consult an attorney to make sure that you won't have further liability.
0 votes Thank Flag Link Wed Sep 12, 2012
more information would be needed before anyone could, or should, comment on this....plus, you haven't asked a question

if a seller is within the cancellation time frame or contingency period allowed by the contract, then they can termnitate.....if not........then seek a legal opinion
0 votes Thank Flag Link Wed Sep 12, 2012
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