Can a seller back out of a contract?

I am purchasing a home and just found out that
the seller is wanting to back out of the deal
because someone else offered to pay 10k
under the table. Can the seller back out of our
signed contract?

Asked on July 19, 2017 under Real Estate Law, Arkansas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

They can only out of the contract if--
1) There is some term or provision in the contract (like some "cancellation" term) which allows them to do so, and they fully comply with any requirements of that term or provision; or 
2) You (the buyer) breach the contract in some material, or important way, such as by not paying or depositing some amount you are supposed to or failing to close on time, since a material breach lets the other party terminate a contract.
Otherwise, he is obligated to the contract, and you can enforce it in court, if necessary.


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