You can face legal and financial ramifications from both the buyer and your listing agent if you decide to back out of the contract unexpectedly and without a contingency that specifically lets you out of the deal. According to standard real estate contract law, here are some of the penalties you may face.
A signed real estate transaction contract is a legally binding document, so if a seller wants to back out after the contract is signed, they stand to risk being exposed to certain legal ramifications. This, of course, depends on the buyer. For instance, if the buyer sympathizes with the seller’s situation, they might choose to let the seller keep their house.
Buyers generally have some options for exiting a contract (though sellers’ options are typically more limited). It’s the kind of email real estate agents dread finding in their inbox late at night. After months or years of effort, a buyer client is finally in contract with the right property. But now, at the eleventh hour, something has gone wrong.
If they have a good home, another buyer will come along,” Myers says. Sellers should get the home back. as "under contract" while keeping options open, says Linda Sowell, owner and principal broker.
The goal of any real estate deal is for all parties to come away happy – whether it’s the home seller pleased with the profit, the buyer excited to start life in a new home or the real estate agents satisfied with the clients’ success and commission.
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Despite entering into a written agreement to buy real estate, buyers sometimes back out of their deal and refuse to buy. When this occurs, a seller may be able to recover losses incurred based on the buyer’s breach.