Can a seller back out of a purchase agreement after it has been signed?

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Can a seller back out of a purchase agreement after it has been signed?

We signed the purchase agreement 3 months ago and were supposed to close in 3 days. Unfortunately, the gentleman we signed the agreement with had a stroke and his wife is the one who wants to back out; she has medical power of attorney. Do we have options?

Asked on December 3, 2012 under Real Estate Law, Alaska

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

It is entirely possible for a seller who is in contract to sell real estate to want to back out of a deal even though there is a binding contract. That does not mean that the seller can back out of the agreement legally.

Based upon what you have written, there is a binding contract and you are entitled to close escrow. I suggest that you consult with a real estate attorney to assist you in the matter you have written about.


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