As a seller of real estate can I back out of the contract during the option period?
September 2, 2010 by MrAuthor
Filed under Real Estate
I am selling some real estate and now need to stop the sale. As the seller can I stop the sale? We are in the option period right now.
Thank you for the answers – not what I wanted to hear… when I say option period, the buyer is still deciding if they want to back out or not. I extended the option period for them to think it over some more but now I want to cancel.
Like the other poster said, once it’s on, it’s on.
However, has the buyer had the property inspected yet?
If they have, you can refuse to fix anything…that will usually make them drop the persuit.
Has the home been appraised yet?
No one said you had to leave it clean.
Other than that…you have pretty much sold your house. If you stop the transaction, even the Realtors can sue you for the commission.
e-mail me…let me know WHY you need out of the transaction..I may be able to give you other options.
not if you have accepted an offer. They can sue you for backing away
additional
you do not have that right as a seller but like another poster said when or if inspections are done it does not have to be perfect and every thing does not have to be working. Then they may back off and let it go then take it off the market with the agent.
Unless you can’t convey insurable title, I don’t know of any way a seller can cancel. You mentioned "option period." Did you lease your home with the option to buy? If the lease option agreement is properly worded it’s a binding contract on your part. The tenant has the option to buy but you don’t have the option to cancel. A possible exception would be if the tenant defaulted under the terms of the lease and you evict them. That would make the purchase option void.
realtor.sailor
Once you have accepted an offer, you have formed a binding contract. You cannot "back out" without consequences if the buyer insists on moving ahead with the purchase. Of course, as Expert Realtor stated, if the buyer backs out first, then you are off the hook, so to speak.
And, as Expert noted, you are normally responsible for the commission once your agent procures a willing and able buyer, regardless of whether you finally end up conveying the deed or not.