If I had a real estate agent sell my home but I have changed my mind and don’t want to sell or lose my home, can I cancel the contract?

Asked on March 13, 2019 under Real Estate Law, Ohio

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 1 year ago | Contributor

If you entered into a contract to sell your home to a buyer, while you can *ask* for an extension, you have no right to one: that is, it would be 100% voluntary for the buyer to give you more time. Otherwise, you are obligated to what you agreed to--that it would be inconvenient or even bad for you is irrelevant, since people cannot get out of their contractual obligations because it would be better for them to do so--and if you don't close in time, the buyer can sue you for either or both of monetary compensation (e.g. for any costs or losses the buyer incurs because you don't comply) and/or for "specific performance" (a court order forcing you to go through with the sale).


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