what if I decide not to sell my home

I have renters in my home, that we signed to
contract with to sell them our home, and it
gives them one year to sell their other house. I
have decided to no longer ‘sell’ my house.
How can I get out of my signed contract with
them?

Asked on March 9, 2017 under Real Estate Law, California

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

You can't get out of the contract unless the the other side breaches, or violates, their obligation(s) in some serious, or material way; as long as they do what they are supposed to do under the contract, you in turn are contractually obligated as well. Therefore, if they comply with all their obligations, you have to sell to them: if not, they could sue you for breach of contract, for a court order requiring the sale and/or for significant monetary compensation. That's the whole point of a contract: it is legally binding and enforceable; that you changed your mind is irrelevant.
If they do violate their obligations, then you could get out of the contract. For exemple, if the don't buy by August 1, 2017--even if they say they will buy in September or October 2017--you can terminate the contract for their breach.

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

You can't get out of the contract unless the the other side breaches, or violates, their obligation(s) in some serious, or material way; as long as they do what they are supposed to do under the contract, you in turn are contractually obligated as well. Therefore, if they comply with all their obligations, you have to sell to them: if not, they could sue you for breach of contract, for a court order requiring the sale and/or for significant monetary compensation. That's the whole point of a contract: it is legally binding and enforceable; that you changed your mind is irrelevant.
If they do violate their obligations, then you could get out of the contract. For exemple, if the don't buy by August 1, 2017--even if they say they will buy in September or October 2017--you can terminate the contract for their breach.


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