seller backs out of real estate contract

As a Real Estate Broker I have dealt with this situation multiple times. In the past I’ve advised Sellers to pay the Buyer Broker Commission plus the buyers at at least twice their deposit. So if the sale was $300K with $7500 deposit, the offer to back out would be $15000 plus another $7500 to the buyer’s agent.

 · The standard California Association of Realtors and Professional Publishing contracts, the two used by California Realtors, really don’t contain conditions allowing sellers to back out. So, assuming you’ve done everything the contract required of you, the seller is on the hook.

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The short answer as to whether you can get out of a real estate contract if you’re the seller is "yes." Ultimately, you don’t have to sell the house if you absolutely don’t want to. Be aware, however, that if you break a legal and binding real estate sales contract, you may have to compensate the buyers, especially if they sue you.

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"A seller is best-advised to be absolutely firm about wanting to sell real estate," says Joanne Fanizza, an attorney in Farmingdale, New York. Sellers can face high hurdles if they want to back out of a contract to sell their home, explains Fanizza.

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The contract hasn’t been signed. Before a contract is officially signed, a seller can kibosh a deal at anytime (that’s what happened to me). The contract is in the five-day attorney review period. Most home sales involve the use of a standard real estate contract, which provides a five-day attorney review provision.

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Can the Seller Back Out of a Real Estate Contract? Filed under: Real Estate Law. When you sign a purchase agreement for a real estate sale, you tend to assume everything is going to proceed smoothly from that point onward. After all, it does seem like the hardest part is getting loan approval and shopping for a home.