How as a buyer can we legally back out of a sales contract?

Asked on January 18, 2013 under Real Estate Law, Texas

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

You need to review the P&S agreement; if there is money you gave in good faith to hold the property then that money could be considered as holding an option on the contract and you may lose the money. If you are entitled to all monies back per the P&S, then you simply back out by putting your indiication in writing and demaning the money back. If this is an issue with respect to fraud or lack of full disclosure, that would your basis to get out of the contract.


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