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You can be penalized for pulling out of a real estate contract

| May 1, 2020 | Real Estate Disputes |

Many Texas homeowners often worry about the prospect of a buyer trying to pull out of a home purchase when they put their house up for sale. Very few sellers think about what may happen if the contract on the home that they’re planning to buy falls though, they have a change of heart or something else happens that causes them not to want to sell any longer. If you’re considering backing out of your real estate contract, then you’ll want to do so carefully. You may expose yourself to legal liability if you don’t.

If you’re having second thoughts about selling your Tyler home, then you’re going to want to think long and hard about whether this is what you indeed want to do. You need to know that there are often financial implications associated with your doing so.

One of the first things that you’ll want to do if you’ve decided that backing out of the deal is what’s best for you is to review the purchase contract. It generally lists the terms under which you can cancel the sale. Most standard real estate agreements allow a seller to pull out of the deal if they’re unable to identify and purchase another home before their current one sells. Both you and the buyer may also be entitled to pull out of the contract if there are financing concerns or the inspection reveals issues with the home.

Your contract is likely to detail any timelines that you must take certain actions by to be able to lawfully pull out of a contract without any potential penalties being assessed. You may find that your Texas buyer is willing to allow you to pull out of your agreement if you appeal to them personally and let them know of any impasses that you’ve encountered. A real estate disputes attorney here in Tyler can provide you with knowledgeable and experienced advice about how to proceed if you’re unable to honor the contract that’s in place.

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