Home Selling in Rego Park>Question Details

Trulia New Y…, Other/Just Looking in New York

If one has already signed the contract to sell their home but have since changed their minds, what can they do to get out of selling?

Asked by Trulia New York, New York Thu Jan 24, 2013

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Rhona Magelowitz’s answer
If a buyer and a seller have a fully executed contract (signed by both buyer and seller) and a down payment has been given by the buyer, and the seller changes their mind, they might have to PAY the buyer a sum of money over and beyond the down payment.

The down payment must be returned with additional sum of money that the parties agree upon.
This could release the seller from the obligations of the contract, including to sell.

This could also be very dangerous business and could result in a lawsuit.

Always have a good lawyer on both sides, buyer and seller.

Rhona Magelowitz, Broker
Rhona Realty
Forest Hills, Queens, NY
347 262 2421
0 votes Thank Flag Link Tue Jan 29, 2013
I want to echo something that was written previously but is hugely important. If you and a buyer signed a contract of sale (also known as a purchase contract), than that is a conversation to have with your attorney asap.

If you are talking about an agreement to list your property for sale, you need to discuss this with your listing agent. It is possible, depending on the agreement, that you may have to reimburse the listing office for advertising and other expenses. If your agent did as you asked and marketed the property well, consider being kind and sending him or her referral business and/or a token of thanks. Most agents work on commission only and are not compensated unless a property closes. If this was a choice on your part as you changed your mind, realize that your agent may have been working for you without pay. Consider how you might feel in that position.
1 vote Thank Flag Link Fri Jan 25, 2013
Hi Trulia New York, This could be considered breach of contract...speak to your attorney to work this out.
0 votes Thank Flag Link Sun Feb 9, 2014
Hello, Discuss the situation with your Realtor and explain your thought process to them and together you can decide on the best course of action for your family. You can withdraw the listing but you must go through your agent and every Brokerage has their own conditions when it comes to releaseing or withdrawing a listing. Speak with your realtor and they will let you know how the process works and they can then take the home off the market. Good Luck.
0 votes Thank Flag Link Fri Jan 25, 2013
As real esate agents, we are not allowed to give legal advise, you should consult with your attorney about your legal obligations. On the face of it, this would tantamount to a breach of contract.
0 votes Thank Flag Link Fri Jan 25, 2013
You have only ONE option.
That option is...TALK TO YOUR AGENT!
Soliciting opinions from strangers on the internet should be the very last thing you should consider when you've changed your mind after signing a contract..
You make be required to pay for the resources you compelled your agent to spend on your behalf to get your home sold for the highest price and shortest time frame.
You need to talk to your agent. They will share with you the provisions embedded in the contract you signed.

Best of Success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
0 votes Thank Flag Link Fri Jan 25, 2013
Thank you for perpetuating the notion that Clients, on this level, can simply CHANGE THEIR MIND!!!
0 votes Thank Flag Link Fri Jan 25, 2013
Once you notify you Agent, he/she will simply remove the listing from MLS and you are "off the hook".
0 votes Thank Flag Link Fri Jan 25, 2013
Yes correct . I think she is referring to the listing contract ...
0 votes Thank Flag Link Thu Jan 24, 2013
When you say "signed the contract to sell", are you referring to the listing agreement or the sales contract? If you mean the listing agreement, then you should notify your listing agent so that he/she can withdraw the listing. Contact your attorney for advice if you have a fully executed sales contract and decided you no longer want to sell your home.
0 votes Thank Flag Link Thu Jan 24, 2013
Just contact your realtor and tell him your no longer interested in selling
0 votes Thank Flag Link Thu Jan 24, 2013
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