Inquiry about backing out of a contract

[shelly]

Hi I am in georgia and I am selling a home. We are currently in contract to close on the deal. Before going in to a long drawn out story of why I want to back out of the contract, I wanted to first ask - does anyone know the law on what can/will happen if a seller backs out of a contract to sell their house before closing date? This is an individual sale - no agents are involved.

Thanks for any info. you can provide.

[ResaleBroker]

Hello Shelly,

What are the terms of the contract? Did they specify a penalty?

[shelly]

good question. Although it was a individual sale, a ga real estate form was used. I don't remember if it contains a penalty other than to the agent - and we dont have one.

[shelly]

.We have a backup offer for the full price - they will take it "as is". We won't have to pay anything and will received "at market value", instead of below market value plus out of pocket exp. Is there any room for negotiation at this point?

[judyo]

I'm sure the laws vary from state to state. I've had sellers that didn't show up at closing! The buyers could have sued them but I heard since they found another house right away they decided not to go through with the lawsuit.

Also, sometimes if you decide to pull out you might have to make sure you don't sell for a specified time period, but again, you'll have to check with your attorney. I'm assuming you used an attorney since you didn't use a Real Estate Broker. Your attorney is really the person you need to ask since he or she will know your state laws.

[shelly]

thanks, I'll check into it.

[Las Vegas Real Estate]

Hi I am in georgia and I am selling a home. We are currently in contract to close on the deal. Before going in to a long drawn out story of why I want to back out of the contract, I wanted to first ask - does anyone know the law on what can/will happen if a seller backs out of a contract to sell their house before closing date? This is an individual sale - no agents are involved.

Thanks for any info. you can provide.

It can vary from state to state. You might want to contact a local Real Estate Attorney for advice.

[kensmith]

You do need to check with your attorney, but the odds are that you can get sued.

[Don Willoughby]

Of course you should discuss this with a lawyer so you don't make an irrevocable mistake one way or the other but in Canada this action would be a breach of contract under contract law and you being sued a distinct possibility.

[mikelong]

Hey Shelly, if you're still out there, what happened with your home?