I am the seller of home signed a PS with buyers and want to get out of it.

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I am the seller of home signed a PS with buyers and want to get out of it.

I am the seller and want to get out of the sale. The buyers do not have financing secured yet and they have until Oct 14. I asked and their broker said they would have their attorney draw up document to proceed with suing for specific performance. What does that mean? Can I get out of the contract at a cost?

Asked on October 1, 2016 under Real Estate Law, Massachusetts

Answers:

S.L,. Member, California Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

Since you have a signed purchase and sale agreement, you will be in breach of contract if you try to get out of it.
Specific performance means the opposing party is seeking a court ruling requiring you to comply with the terms of the contract by proceeding with the sale of the property.
Whether or not you can get out of the contract for a price depends on the opposing party.


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