I want to back out of my contract to sell my house - what do I need to take into consideration - how do I do this? Lisa

Asked by Lisa, 52722 Tue Jun 28, 2011

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Mike Sullivan’s answer
Mike Sullivan, Agent, Gainesville, FL
Sun Jul 22, 2012
any termination liability should be completely spelled out in the listing contract...in most cases there is a fee to cover advertising costs, other expenses incurred by the realtor. There probably is also a clause that if you sell the home within XX days of cancellation, a commission would be due to the listing agent....again all of this should be spelled out in the listing contract. Should you not find, it, you may want to consult with a real estate attorney or the broker for the listing agent.
Web Reference:  http://www.alachuarealty.com
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Laurie Manuel, Home Buyer, Buckeye, AZ
Sun Jul 22, 2012
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Frank Pennac…, Agent, Brooklyn, NY
Tue Jun 28, 2011
I assume we're talking about the contract of sale and not the listing contract. The only way to determine if the contract can be broken is to speak to an attorney. He or She will review the contract and deterime your legal rights and obligations. If any real estate professional tries to answer your question in any other way they are doing you a disservice.
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Sergio Herna…, , Naples, FL
Tue Jun 28, 2011
Consult with a lawyer to have a full understanding of what you may be able to do.
Web Reference:  http://www.golftobeach.com
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Gerard Carney, Agent, Spring Hill, FL
Tue Jun 28, 2011
If it is your listing contract, tell them you changerd your mind, if how ever you signed a contract for sale with a buyer signed on the other end, it's too late to stop the music, now you pray the can't make financing! or they come back with a bad home inspection which will allow you to wiggle out of the contract! otherwise you've sold a home!
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Don Tepper, Agent, Burke, VA
Tue Jun 28, 2011
I'm assuming when you say "my contract" that you've agreed to sell your house to a buyer . . . that the contract is the sales agreement. If so . . .

One thing to take into consideration is that you may owe your listing agent his/her commission. Check the listing agreement.

Technically, you could be sued by the buyers. I'm not a lawyer, so this isn't legal advice. It's unlikely you'd be sued (for breach of contract or for specific performance), but it could happen.

You should check with your agent to see if you have any "outs." For example, if the buyers didn't apply for financing within the required time period, you might (depending on your local contract) be able to terminate the contract. There are certain other things they're required to do; if they didn't do them, you may have an exit strategy.

On the other hand, if by "my contract" you mean your listing agreement with your agent, then talk to the agent. Tell the agent you wish to terminate the agreement. Although it's a bilateral agreement, most agents will agree to terminate an agreement. If you run into any problems there, speak to the agent's broker.

Hope that helps.
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Christopher…, Agent, Tarrytown, NY
Tue Jun 28, 2011
Hi Lisa, The first thing you want to do is speak with the attorney representing you if you have one. The next is read the language in the sales contrcat to see if you can back out without repercussions. If you don't have an attorney you might want to speak with one if you are confused or unsure of the language in the contract.

Web Reference:  http://raveis.com/chrispagli
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