Home Selling in Quincy>Question Details

Sally, Home Seller in Quincy, MA

Continue with the offfer issue. I mean, that If I accepted the offer in writing, if I back out, there is a

Asked by Sally, Quincy, MA Tue Jun 10, 2008

legal obigation to the seller agent? and that I can be sued? It is NOT the purchae agreement, but just acceptance of offer. acceptance.

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In terms of whether you owe money to the listing broker, you need to closely read your contract, but the default in Massachusetts is that the brokerage only gets paid when there is an executed P&S and the deal closes and the seller has received their money (with one exception: if there is a P&S but the seller unfairly prevents the closing, the court may award the commission to the brokerage).
1 vote Thank Flag Link Wed Jun 11, 2008
If you are asking as a buyer if your offer has been accepted in writing by the seller - i.e the offer contract has been fully executed by both parties - can you walk on the deal the answer - depending on the language of your contract - is yes but not without some kind of recourse. Your offer contract should have been binded by a good faith deposit (a check you, as a buyer, wrote and was then put in escrow) ... If you arbitrarily walk on the deal (for instance you don't exercise one your contingencies) you will forfeit that money to the seller. When you sign a purchase and sale contract there is usually bigger legal recourse if you bail on the deal but I would be surprised if you lose more than the good faith deposit at the offer stage.

If you are asking as a seller if you can walk on an accepted - fully executed with signatures - deal definitely consult an attorney. The offer agreements usually protect the buyer more than the seller and I am pretty sure the seller can't just back out on the deal, meaning you are obligated to sell the property if the buyer pushes. Now there is the small chance the buyer will be ok with your not fulfilling the contractual obligation to sell the property for X price under X terms but you will have to be very careful. i would check your contract with your sellers agent too and see what it says about paying them the commission even if you walk on the deal as depending on the language your agent may have fulfilled his/her side of your agency contract and therefore you owe him/her some type of nominal recourse as well.

Either way consult an attorney as you are dealing with legally binding contracts and if you are going to get out of either situation you want your first attempt to be done the right way because you may only get that one shot.

Good luck!
Web Reference: http://www.territoryre.com
1 vote Thank Flag Link Wed Jun 11, 2008
Sally,

In most states, your listing contract has terms in it that if the seller finds you a willing buyer and you come to terms on a purchase agreement, but fail to follow through and consumate the transaction for reasons within your control, you're then liable to compensate the listing agent just as if you had sold the home.

That said, if your circumstances are reasonable, unless your listing agent is a real j_rk, they should be willing to work with you to continue to list and sell your property for you. If your circumstances are unreasonable, then I think you should expect the listing agent to pursue getting paid.

If there is more to the story, provide an update through an answer and we can discuss further.

Regards,

Jeffrey
1 vote Thank Flag Link Tue Jun 10, 2008
Sally
Your post is confusing.
First of all, if you want legal advice , then you need to speak with an attorney experienced in real estate matters.
Second, it sounds as though you are not using professional representation. If this is the case, even more important to talk with an attorney.
If you ARE using a Realtor, then you should pose this question to them.

The truth is that in most cases acceptance can be withdrawn, however, as with most legal matters, there could be money involved (damages), depending on the facts.
1 vote Thank Flag Link Tue Jun 10, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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