Picture this: You’re incredibly excited because the offer you made on your dream home was accepted – but then, the seller yanks the proverbial rug out from under you and backs out of the deal.
Is that legal? Can sellers really do that?
Yes – they can. Here are five times a seller can back out of a real estate transaction.
Can Sellers Back Out of a Real Estate Transaction?
Sometimes sellers back out of real estate transactions for these reasons:
- The seller hasn’t signed the contract. If it’s not on paper, the deal doesn’t exist – and the seller can walk away at any time.
- The contract is within a five-day attorney review period. During the review period, which is in place to protect the people on both sides of a transaction, sellers can legally back out.
- The seller has a contingency in the contract. Like buyers, sellers can build in contingencies, too. For example, a seller might add that he or she has to find a new place to live before being obligated to sell the home.
- The buyer wants repairs the seller doesn’t want to make. If you request repairs that the seller feels are unnecessary (or too expensive), the seller can cancel the deal.
- The buyer violates his or her side of the contract. For example, if you’re supposed to get a mortgage within a certain time period but you can’t do so, the seller can exit the deal legally.
Are You Buying a Home or Land for Sale in Lake City?
If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.
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