If I have accepted an offer on my home but my situation has change and now I want to stay here, is there any legal way to get out of this?

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If I have accepted an offer on my home but my situation has change and now I want to stay here, is there any legal way to get out of this?

Asked on August 11, 2015 under Real Estate Law, Michigan

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

No, if you accepted an offer on your home, you entered into a contract to sell it; you are bound to carry through with that contract unless the other side breaches the contract in some material, or important, way (such as not getting financing and being unable to carry through with the purchase), or there is some contingency or provision in the contract which allows you to terminate it if certain circumstances occur (such as if there is an inspection contingency allowing the buyer to ask for repairs or credits, and the provision states that if you are not willing to provide what they ask for, you may terminate the contract).

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

No, if you accepted an offer on your home, you entered into a contract to sell it; you are bound to carry through with that contract unless the other side breaches the contract in some material, or important, way (such as not getting financing and being unable to carry through with the purchase), or there is some contingency or provision in the contract which allows you to terminate it if certain circumstances occur (such as if there is an inspection contingency allowing the buyer to ask for repairs or credits, and the provision states that if you are not willing to provide what they ask for, you may terminate the contract).


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