Is it possible to cancel a real estate transaction?

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Is it possible to cancel a real estate transaction?

I recently bought a house with my future husband. I also sold my house but so not
close for another 10 days. My relationship has fallen apart and I need my house
back. Since we haven’t closed how can I cancel the closing of my house?

Asked on June 13, 2016 under Real Estate Law, Minnesota

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

You can only cancel closing on your house if either 1) the contract of sale, by its terms, gives you the right to do this at this stage; or 2) the buyer defaults on (violates or breaches) some major obligation of the contract/sale, like having the funds to close. Otherwise, if the buyer complies with his/her obligations and the contract does not contain any escape clause, you are obligated to go through with the sale, regardless of what has happened in your person life (which is, to be blunt, not a concern of the buyer, and not legal grounds to not carry through on a contract).


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