Can I back out of selling my home the day I'm supposed to sign papers at the Title Company?

Asked by 788tyz!, Tucson, AZ Sat Mar 3, 2012

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12
David Hopper,…, Agent, Tucson, AZ
Sat Mar 3, 2012
You have some good answers here, and they all pretty much agree. According to the Arizona contract, the answer is "no.". So if you do, you are in breach of contract. The buyer has probably made plans to move in, and will not be happy. As the others have said, consult a real estate attorney if you are seriously considering backing out.
1 vote
Monica Yrigo…, Agent, Vail, AZ
Sun Jun 10, 2012
Yes you can back out but depending on the circumstances of your deal you may lose your earnest money deposit. Did you have an Real Estate Agent represent you in this deal? If so, have you notified him or her? You can also reach me at AzProperties@Ymail.com.
0 votes
Eddie Holmes, Agent, Tucson, AZ
Sun Jun 10, 2012
You can, however, the terms of the Purchase Contract will apply and the Escrow Officer will comply with the contract. You may be at risk from a breach of contract lawsuit from the buyer, the buyer's broker, and your representing broker because they did their duties in bringing you a buyer. You will, more than likely be liable for the commissions owed per your listing agreement, if you had one. You should consult an attorney.
0 votes
Vicky Chrisn…, Agent, Purcellvile, VA
Wed May 16, 2012
I suppose it depends on what your contract says, but if you do that you will likely be in breach of your contract. You should seek the opinion of an attorney
0 votes
Ric Mills, Agent, Oro Valley, AZ
Sat Mar 3, 2012
You can,however it could be costly. Quickly talk to your agent and an aRE. Attorney. Don't delay as a breach can cost you a lot of grief and money. Good luck
0 votes
Brad Bergami…, Agent, Prescott, AZ
Sat Mar 3, 2012
Yes,
You can but there are consciousnesses to your actions. You would most likely be in Breach of contract and possibly opening yourself up to lawsuits and liability.
Just curious why the change of heart. It must have taken a little bit of time in escrow and some time on the market.
Web Reference:  http://bradbergamini.com
0 votes
Monica Yrigo…, Agent, Vail, AZ
Sat Mar 3, 2012
Yes, you can back out but you may loose your earnest money deposit. Why do you want to back out? You can respond here or directly to my email at AzProperties@Ymail.com
0 votes
Margaret Ave…, Agent, Tucson, AZ
Sat Mar 3, 2012
Consult an attorney right away. You can loose a lot more than your earnest money.
Web Reference:  http://Www.maverymoon.com
0 votes
Spirit Messi…, Agent, Tucson, AZ
Sat Mar 3, 2012
A person "can" do a lot of things, but there are consequences for their actions. Instead of asking for advice on a free forum board on Trulia.com I would recommend that you talk to your real estate agent. I would talk to the Title Company and I would bring all the paperwork, contract, and etc to a real estate attorney to review with you.
0 votes
Donna Moulton, Agent, Tucson, AZ
Sat Mar 3, 2012
This is called breach of contract. The buyer is not likely to take this very well. If you used the Arizona Association of Realtors Purchase Contract, (lines 286 - 294 )you agreed to mediation to settle your dispute with the buyer. If that doesn't work, you agreed to binding arbitration. If you have a real estate agent, your agent should be talking with the buyer's agent to give the buyer as much warning as possible that you intend to breach your contract. You should also talk with an attorney.
0 votes
Bill Parker,…, , Scottsdale, AZ
Sat Mar 3, 2012
Hi 788tyz!

The short answer is "You can do whatever you want!"

The hard part comes next. What will the consequences be and are they worth the benefits? And, as others will soon tell you, that is going to become a legal issue dealing with contract law, etc. I recommend the Scottsdale Law Group, Kristi Collins, (480) 478-0709. They also consult in Tucson.

Now, please let us know what would cause a homebuyer to want to back out at such a late date...just how bad can things be with the house, or did you discover something wrong at the last minute?

Good luck. Some one is not going to be too happy... :(
0 votes
David Winter, Agent, Marana, AZ
Sat Mar 3, 2012
You can, but you may be opening yourself up to a potential legal fight. I would consult a real estate lawyer prior to making that decision.

Good luck.
0 votes
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