If I sign a purchase agreement and change my mind without any money being exchanged, can they sue me if I no do not close on the property?

UPDATED: Oct 1, 2022

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

UPDATED: Oct 1, 2022Fact Checked

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

If I sign a purchase agreement and change my mind without any money being exchanged, can they sue me if I no do not close on the property?

I signed an agreement with an investor to sell my mother’s home. However, after

realizing that he was low balling me on the price of the home, I told him that I

changed my mind. He now states that he will sue me because the agreement is

binding. Although on the document it states,

Asked on October 11, 2018 under Real Estate Law, Georgia


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

Yes, you can be sued. Once you sign the purchase agreement, which is a contract, you are contractually obligated to go through the sale. The fact that money was not exchanged yet does not change the fact that once you executed (signed) the agreement, you obligated yourself. Contracts will be enforced by the courts; he can sue you for monetary "damages" or compensation (such as costs expended or lost profit potential) and/or for a court order for "specific performance" requiring you to go through with the sale. You cannot simply change your mind once you enter into a contract, and the fact that you believe he was "low balling" you on the price is irrelevant: all that matters is that entered into an agreement.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption