Can we break a contract?

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Can we break a contract?

Listed our house and signed a contract to sell. We would like to cancel the
contract and the buyer wants the contract to go forward.

Asked on June 28, 2018 under Real Estate Law, Virginia

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

A contract is binding on the parties to it and can be enforced in court. You can't break it unless 1) there is some term or provision in the contract itself letting you terminate it, and you *exactly* comply with that provision; 2) the buyer committed fraud (lied about something important to get you to enter into the contract); or 3) the buyer breaches (or violates) a material (or important) obligation of theirs, like not paying a deposit when required. Otherwise, you cannot break the contract and can only get out IF the buyer agrees to let you out or otherwise modify the agreement. His agreement would be voluntary, so you'd have to give him what he wants, if doing so is worth it to you.


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