Ask an expert: Seller backing out of contract Breaux Bridge LA

Q: What happens if you’ve made an offer on a home and the seller suddenly decides not to sell?

Local Companies

The Mirian Investment Group
800-546-7576
3400 MOSS STREET
LAFAYETTE, LA
Key Property Management & Leasing
337.234.3915
719 Coolidge St.
Lafayette, LA
Ransel Real Estate Appraisal
(337) 228-7605
1168 Old Henderson Hwy
Breaux Bridge, LA
Coldwell Banker Pelican Real Estate
(337) 332-5952
123 E Bridge St
Breaux Bridge, LA
Benoit Real Estate
(225) 753-5566
11931 Industriplex Blvd
Baton Rouge, LA
Coldwell Banker Commercial Metzter Real Estate
(318) 343-2003
Monroe, LA
Guarino Angela D Real Estate
(225) 756-3040
18010 Jefferson Ridge Dr
Baton Rouge, LA
Sizeler Real Estate Management Co
(504) 471-6200
1750 Clearview Pkwy
Metairie, LA
Knight Lynn Rl Est
(225) 272-2582
1584 W Fairview Dr
Baton Rouge, LA
Monte Real Estate
(225) 658-1515
5145 Main St
Zachary, LA

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A: In the case of most real estate deals, once you and the seller have signed a contract, neither party can back out without consequences. There are some contracts, however, that have clauses that allow a seller (or buyer) to cancel if certain conditions are not met.

Most conditions in a real estate contract are designed to protect the buyer. For example, you may make an offer conditional upon being approved for a mortgage, or pending a home inspection. If your financing falls through, or the inspector finds a termite infestation, these clauses allow you to get out of the deal without penalty.

Sellers may include similar “escape clauses” in the contract. In situations where a house is part of an estate sale, for example, the contract might state that the deal must be approved by other family members. If you accept this condition when you sign, the seller is able to back out if the condition isn’t met.

When a seller attempts to back out of a contract without such conditions, however, a buyer may be able to sue for financial damages. The buyer may even be able to get the court to order the seller to fulfill the terms of the contract. (The seller’s real estate agent, too, may be able to sue for his or her commission.) The specific consequences will depend upon the terms of the contract and the state you live in, but, in general, a seller is not entitled to renege because of a change of heart.

Buying a home is stressful enough without worrying about taking the seller to court. That’s why you should work with your agent and a real estate lawyer before you sign the contract, to make sure it does not allow the seller to back out for arbitrary reasons. If you do find yourself in this situation after the fact, contact a real estate lawyer immediately to determine your options.

Bill Yeager
Regional Vice President, Realty Sales

 

Published on January 12, 2007

Read full article at realestate.com

Featured Local Company

The Mirian Investment Group

800-546-7576
3400 MOSS STREET
LAFAYETTE, LA


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