Dan Dare, Home Buyer in Charleston, IL

when can a seller cancel a signed contract?

Asked by Dan Dare, Charleston, IL Sun Nov 3, 2013

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19
Dick Post, Agent, ORLAND PARK, IL
Mon Nov 4, 2013
It would depend in what's in the contract. I would suggest that you speak with your agent and your attorney and get their advice before making the decision to cancel your contract.
1 vote
Too obvious. Let me ask a bunch of strangers on the internet.
Flag Fri Nov 8, 2013
Josh Barnett, Agent, Chandler, OK
Mon Nov 4, 2013
When the seller is willing to accept the terms of the cancellation.
1 vote
Philip Sencer, Agent, Chicago, IL
Mon Nov 4, 2013
Only your attorney can tell you that. Each situation is different.
1 vote
Jorge Vega, Agent, Chicago, IL
Sun Nov 3, 2013
Speak with your attorney before making any decisions or taking any advice. Although we understand and have been through many transactions every situation is different. Good luck !
1 vote
Noah Seidenb…, Agent, Evanston, IL
Fri Nov 8, 2013
You need the advice of your real estate attorney.
Good luck
0 votes
Seth Captain, Agent, Chicago, IL
Thu Nov 7, 2013
Do you think it would help you if one more person suggested "ask an attorney?"

I am going to suggest to ask your realtor.

But, they may suggest you ask somebody else, perhaps with a juris degree.
0 votes
the originator cannot respond to you, being in jail for breaking a contract or hiding out to avoid process server. Other answers: until the ink dries on the contract. within 3-days unless canceled by attorney. when your realtor has left the planet. when you made the contract under the influence of coersion or drugs. when the other parties to contract say you can. I am not an attorney but can play one on TV.
Flag Fri Nov 8, 2013
Mark Hafeli, Agent, Chicago, IL
Wed Nov 6, 2013
There are many ways to cancel a signed contract legally. To do it right, within the confines of the contract and the law, you need to contact an attorney who will help you do it legally if possible.
0 votes
Stephanie Sc…, Agent, Chicago, IL
Mon Nov 4, 2013
The answer to this question is based on the terms of the contract. Consult with your attorney if you haven't already to save yourself some serious headache.
0 votes
Mike Opyd, Agent, Chicago, IL
Mon Nov 4, 2013
We would need to hear more about the agreement. Ask your attorney whats the best course of action.
0 votes
Bill J Delig…, Agent, Naperville, IL
Mon Nov 4, 2013
The seller (and buyer) can cancel at anytime. Ofcourse there may be consequences if the cancellation occurs outside the attorney review period,
0 votes
Matt Laricy, Agent, Chicago, IL
Sun Nov 3, 2013
Its impossible for us to comment on this. We would need more details. Speak with your attorney.
Web Reference:  http://Americorpre.com
0 votes
Matt Hoyt, Agent, Highland Park, IL
Sun Nov 3, 2013
During the attorney review period. Anytime a contingency date is missed; mortgage, balance of earnest money, closing date. There are many times a signed contract may be cancelled. Talk with your attorney.
0 votes
Suzanne Hami…, Agent, Orland Park, IL
Sun Nov 3, 2013
It is a contract-a legal obligation. However, if by mutual agreement, seller wants to compensate the buyer, it can be cancelled.

Also, if the timeline has passed, closing timeline, etc. or if any of the terms of the agreement are breached, they can cancel with no penalty.

One time seller can cancel is with attorney review or inspection contingency, if the buyer or buyer's attorney wants something the seller does not want to give, they can usually cancel.

Talk to your Realtor and most of all, your attorney to see what your rights are under the contract and what the seller's rights are too.
0 votes
Jacqueline S…, Agent, Chicago, IL
Sun Nov 3, 2013
1) Talk to your attorney
2) Usually during Attorney/Inspection period
3) If the buyer breaches one of the terms, i.e. missed the deadline for a earnest money payment, the contract becomes voidable.
0 votes
Brad Thompson, Agent, Park City, UT
Sun Nov 3, 2013
The seller may cancel (or default) at anytime but may owe the buyer the amount of earnest that the buyer pledged. Always see professional advise before you go down that road, you might be liable for damages on top of that also.
0 votes
Dirk Gould, Agent, Chicago, IL
Sun Nov 3, 2013
A seller, through his/her attorney, can cancel a contract for any reason other than price during the attorney review
0 votes
Sam Sharp, Mortgage Broker Or Lender, Chicago, IL
Sun Nov 3, 2013
There are various opportunities for a seller to cancel a contract - unfortunately if they want to get out of the contract they will most likely be able to find a way out.
Good luck
0 votes
Carl Ben Wit…, Agent, Upper Montclair, NJ
Sun Nov 3, 2013
Legal question.... contract is a contract. What does it say? You will have to be more specific and forthcoming. In most states, only an attorney can cancel a contract.
0 votes
Santiago Ken…, Agent, Chicago, IL
Sun Nov 3, 2013
Any time really but talk with a real estate attorney for more info
0 votes
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