Sales agreement

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

Sales agreement

Listed house for sale. Buyer offered and I
accepted price. Inspection was fine and
appraisal was for sale price. Buyer wants to
back out. Can they? If not, can I sue?

Asked on June 11, 2019 under Real Estate Law, Missouri


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

They can only legally get out of the sale if one or more of the following happens:
1) You violate your obligations (e.g. can't or won't close when required).
2) You committed fraud, or lied about something important (like flooding).
3) There is some provision or clause in the contract allowing them to terminate the deal under these circumstances, and they fully comply with it.
4) The sale becomes impossible due to something the government does (e.g. eminent domain; zoning change, so the property can't be used for what it was being bought for) or destruction/loss of the property (tornado, fire, etc.).
Otherwise, they are locked into the transaction. If they breach (refuse to go through with it), at a minimum, you can keep the earnest money or deposit; if your provable losses exceed the amount of the deposit (e.g. you had already bought or rented a new home, and end up having to "carry" and pay for this home, too, for 6 or 7, etc. months before you can sell it again, incurring large tax, mortgage, insurance, and maintenance costs), you may be able to sue for those surplus losses, too.

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 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