can a real estate contract be terminated
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can a real estate contract be terminated
my daughter bid on a home which does not meet her needs her ‘broker’ did not live up to her obligation to have clients best intrests and needs covered and actually appears to be working with selling firm.
Asked on May 15, 2018 under Real Estate Law, Ohio
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
A real estate contract may only be terminated if:
1) There is some early termination or cancellation clause within the contract (like some "inspection contingency") giving the buyer the right to cancel under certain circumstances, and the buyer fully complies with its requirements.
2) The seller committed fraud: can be shown to have knowingly or intentionally misrepresented (lied about, including by omission) some material or important condition of/on the property, which condition was not readily apparent to the buyer (it must have been a "latent" or hidden condition); fraud provides a basis to void (undo) a contract.
3) The seller breaches (or violates) the contract in some material way, such as by not making repairs which he/she contractually agreed to, not being able to transfer clean title (due to liens, etc.), not being able or willing to close, etc.
Other than as per the above, the contract is binding and your daughter could be sued for not going through it. That it does not meet her needs is legally irrelevant: for whatever reason, whether it was a good idea or not, she entered into a contract and is held to that.
If the realtor did collaborate with the seller and violate his/her duty to your daughter, she may be able to sue the realtor.
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