If I sign a purchase agreement and change my mind without any money being exchanged, can they sue me if I no do not close on the property?

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If I sign a purchase agreement and change my mind without any money being exchanged, can they sue me if I no do not close on the property?

I signed an agreement with an investor to sell my mother’s home. However, after

realizing that he was low balling me on the price of the home, I told him that I

changed my mind. He now states that he will sue me because the agreement is

binding. Although on the document it states,

Asked on October 11, 2018 under Real Estate Law, Georgia

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

Yes, you can be sued. Once you sign the purchase agreement, which is a contract, you are contractually obligated to go through the sale. The fact that money was not exchanged yet does not change the fact that once you executed (signed) the agreement, you obligated yourself. Contracts will be enforced by the courts; he can sue you for monetary "damages" or compensation (such as costs expended or lost profit potential) and/or for a court order for "specific performance" requiring you to go through with the sale. You cannot simply change your mind once you enter into a contract, and the fact that you believe he was "low balling" you on the price is irrelevant: all that matters is that entered into an agreement.


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