Home Selling in Los Angeles>Question Details

josephcitize…, Home Seller in Los Angeles, CA

What are the penalties if we decided not to sell our home after contingencies signed but the city inspection after and requires more repairs?

Asked by josephcitizen22, Los Angeles, CA Sun Jun 29, 2014

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Hard to say without seeing the purchase agreement you have and knowing more about the required repairs. It is likely you could be held in breach of contract and face a lawsuit if you decide to pull out.

Also, this will cast a negative light on the property if you decide to put the house back on the market. Savvy or well-represented buyers will know the house formerly fell out of escrow.
0 votes Thank Flag Link Mon Jun 30, 2014
You can be sued for Breach, however, since we do not have the contract here, we can't really say. If you are not sure what your contract says, you really need to get a lawyer to look it over and explain your options .
0 votes Thank Flag Link Mon Jun 30, 2014
You will need to read through your contract and if you still aren't sure contact a local real estate attorney.
0 votes Thank Flag Link Mon Jun 30, 2014
It is hard to say without seeing your contract. Do you have a listing agent? If not, I think you should consult with a real estate attorney. You can in fact be sued for breach of contract if you cancel.
0 votes Thank Flag Link Mon Jun 30, 2014
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