Im a seller and want to back out of contract .

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Im a seller and want to back out of contract .

We agreed to sell our home and signed a contract that the buyers download offline. After months of searching for another home we are unable to find a place to live . We contacted the buyers and told them we wanted to cancel the contract and we sent there escrow money back via certified and they signed for it .They have now had there lawyer send us a letter stating that they were going to sue us for Specic Performance .Are we up shit creek? Are we going to be homeless . We offered to pay all cost they are out which is the appraisal only . .

Asked on January 28, 2018 under Real Estate Law, Texas

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

Please, please, please go and take the contract you sent to an attorney to read in person.  Even if you pay a flat rate fee. The contract will speak as to cancellation as well as state law on same.  If, say, the inspection showed you needed a roof and the buyer asked you to pay for it and you did not want to that could give you and the buyer the right to cancel the contract if it was "subject to" an inspection.  Did they cash the escrow check? That may be key here too.  Please seek help.  Good luck.


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