Can a seller cancel or revise a real estate contract after it was sign by both parties, andtheinspection and appraisal have completed?

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Can a seller cancel or revise a real estate contract after it was sign by both parties, andtheinspection and appraisal have completed?

We are schedule to close in a couple of week and the seller know their house appraise above the sale price.

Asked on February 5, 2012 under Real Estate Law, Georgia

Answers:

Daniel Bowen / Daniel D. Bowen, Attorney at Law

Answered 10 years ago | Contributor

If you think the seller will try to back out, you need to contract a lawyer.  It would be a breach of contract but you need to plan how you will handle matters with the assistance of counsel.

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Like any other contract, a real estate contract may only be revised or cancelled if--

1) Both parties agree to the modification or cancellation.

2) There is some clause in the contract itself allowing its modification or cancellation under certain circumstances--for example, the "finance contingency" (a/k/a "mortgage contingency") which can let a buyer cancel without penalty if he/she cannot obtain financing.

3) If one party violates a material (or important) provision of the contract, the other party may then be entitled to terminate the contract without penalty--for example, if the seller cannot or will not close on the closing date, the buyer could walk away.


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