Can Sellers Back Out of a Real Estate Transaction?

Can Sellers Back Out of a Real Estate Transaction

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.

Check these out: