After all, when buyers back out of a real estate purchase, they can pay dearly for their change of heart. If they renege due to a reason not outlined in their contingencies, they will likely lose their earnest money deposit, which can be a significant chunk of change totaling 1% to 2% of the purchase price of the home.
Liquidated Damages. If a buyer backs out of a transaction without invoking her rights under a contingency, the seller could sue her to force the transaction to move forward or for damages. To avoid this risk, most contracts contain a clause that allows the seller to keep the buyer’s deposit if the buyer backs out.
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This would depend heavily on the specifics of the proposed purchase and contract and the local laws governing real property transactions, and probably cant be answered here. Why did the seller back ..
A real estate contract is a legal binding document and you really need to find out what the seller’s legal options are, as well as what your legal liability will be should you decide to walk away.
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Buyers often have contingency clauses written into the contract, which are legal ways of "backing out" of buying a home. If an offer on a home sale falls through, the seller loses time, money, and.
Inspection and Appraisal Issues. Typically used when the buyer must sell an existing home before purchasing another, this clause allows the seller to continue showing the home while the buyer’s home is listed. If the seller receives a better offer, the original contract can be terminated.
If you back out because you realized that you underpriced the house, expect the buyer to sue for lost profits. Realtor commission payable Your agreement with your real estate brokerage – your "other contract" — is likely to require you to pay the office its commission even if you stop the sale because it did its job to your satisfaction.
The seller is able to back out if the buyer is unable to secure the expected financing, or fails to make the necessary down payment. A purchase contract will sometimes spell out harsh financial penalties for a seller who backs out for another reason (not set out in the contract), like merely getting a better offer from another buyer.