If you are currently selling your home or thinking about listing your home in the future, you may be left with a long list of questions. One question that many homeowners are left wondering is if you can you back out of a sale after you’ve already listed your home.
Related: What Does is Cost to Sell a House?
While many people believe that is your right as the homeowner to choose if and when to sell your house, even if that means backing out of the sale, unfortunately this isn’t always the case. While each sale is unique, here are a few examples of ways you either can or cannot back out of selling your home.
- If you’ve already signed all the contracts to sell your home and then refuse to do so you may be sued by the buyers for damages as well as the deed to the property, resulting in you losing the property and facing many legal allegations and charges.
- If you haven’t signed any contracts yet or accepted an offer from a buyer, then you do have the right to take your home off the market without legal penalties or much of a headache.
- If you have contingencies listed within the contracts of your listing, the most common being that you need to find a new house prior to selling your current home and that has not happened, you as the seller are protected and are able to either extend your listing or cancel the sale altogether.
- If you’re selling and purchasing contracts have a review time frame, you are able to change your mind and withdraw from the sale as long as you have not exceeded the time frame of review. This review period is generally after an offer has been placed for both parties to ensure that they are interested in both the sale and the purchase of the home.
In conclusion, as long as you have not already accepted an offer and signed a contract, then you can generally always choose to pull your listing off of the market and not follow through or complete the sale of your home. However, if offers have been accepted and you’ve already signed contracts with the new buyers, even if you choose to remove your listing from the market, that will not allow you to break the contracts you have signed and you will end up having to vacate and sell the property to the buyers, often with additional legal fees.
If you’re currently searching for a new home, are ready to work with a qualified agent to list and market your property, or if you have any questions regarding Southwest Washington Real Estate, please feel free to contact our office at any time.
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