selling home and have contract but am getting better offers

what can/cant i do in order to back out of current agreed contract with a buyer in order to take better offer coming in?

Asked on May 20, 2016 under Real Estate Law, Missouri

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

You can only get out of a signed home sale contract IF the terms of the contract itself give you an out. That is, there must be something in the contract itself allowing you to terminate or cancel it under the facts or circumstances you find yourself in: for example, if the buyer is late in providing a down payment, or in obtaining a mortgage, under the dates for those things in the contract.
Otherwise, if the buyer does everything he/she is supposed to, the contract will be binding on you and can't back out simply to get a better price (just as the buyer can't back out just because they find a house they like better): once signed, contracts are binding.


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 AttorneyPages.com 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.