Can a contract to buy and sell residential real estate be terminated by the seller if the seller does not want to sell?
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Can a contract to buy and sell residential real estate be terminated by the seller if the seller does not want to sell?
The contract was signed 2/14. Seller has experienced sudden hardship and selling the home is not financially viable. Can the seller terminate the contract? Inspection and appraisal has not been performed yet.
Asked on February 16, 2012 under Real Estate Law, Colorado
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The seller needs to bring the contract to na ttorney to review. Generally speaking, the available "outs" in a contract are built in to the contract. If you do not have an out then the buyer can sue you for the hounse under what is known as "specific performance" under the law. Get help. Now.
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