Can a buyer who is buying my home with cash back out of the sale for no reason other than he changed his mind? We both signed a presale contract. I took my home off the market when I accepted his offet.
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Can a buyer who is buying my home with cash back out of the sale for no reason other than he changed his mind? We both signed a presale contract. I took my home off the market when I accepted his offet.
I have a copy of the
presale contract. This man
wasted a good month of my
time. When I accepted his
offer I took my home off
the market. How can be Just
back out without a solid
reason?
Asked on July 30, 2018 under Real Estate Law, Texas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
The answer is, he cannot back out of the contract. A contract, once agreed to (e.g. signed) is binding on both parties); the buyer can only get out of it if--
1) There is some cancellation clause or contingency (e.g. an inspection contingency) which allows him to cancel the contract under certain circumstances and he complies with all the requirements of that term or provision;
2) You (the seller) can be shown to have committed fraud, by lying about something important, or failing to disclose some important hidden ("latent") issue with the property (like periodic flooding; or that additions are not permitted);
3) You (the seller) breach the contract in some material or important way, such as by not being able to provide good title or close on time; or
4) The transaction becomes physically impossible not through the seller's fault (e.g. the house burns down, so you can't sell him the house) or legally impossible (e.g. zoning is changed and the house is not grandfathered in, so he can't use it for the purpose it was being used [e.g. no longer zoned resident]; or the house is taken by eminent domain).
Apart from the above, he is bound to the contract. You can sue him for costs you incurred due to him contracting and breaching, or for loss of profit.
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