How do I back out of a sales contract in Arizona if I’m the seller?

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How do I back out of a sales contract in Arizona if I’m the seller?

I’m having second thoughts of selling my
house after signing the contract just
last night. I felt a little pushed at
the time and like I had to make a
decision right now. It’s going to put me
in text Jeopardy big time I need to get
out of it.

Asked on May 1, 2018 under Real Estate Law, Arizona

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

You can't back out: there is no right for the seller to to "rescind" or undo a home-sale contract after entering into it: you are obligated to the contract from the moment you signed. You can only legally get out of the contract if:
1) The contract itself has some cancellation clause allowing you to terminate it, and you completely comply with the terms of that clause or provision.
2) The buyer's breach a material, or important provision, such as by not depositing or paying money when required--one party's material breach enables the other party to treat the contract as terminated. 


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