Think Thrice Before You Sign The Purchase Contract

Think Thrice Before You Sign The Purchase Contract

Think thrice before you sign your contract with your buyer because it will be very difficult to change your mind after you have already made a contract. If you are someone from North Fort Myers Florida and want to sell your home quickly without any hesitation you can contact us clicking the following link: Blue Eyes Properties, LLC so you will have no regrets.  


By signing a purchase contract, you agree with your home buyer to certain conditions to close the sale quickly and maintain a certain standard of the procedures.  We accept your property as-is, in any shape and that will make your worry gone. You can sell your house without repairs to us at Blue Eyes Properties, LLC


But, if you decide to cancel a deal when the home is already under contract, you can be either legally forced to close anyway or sued for financial damages. Of course, the specific consequences depend on the terms of your sales contract for the house.  A written and signed purchase agreement is a legally binding document that is why the cancelation of the deal can be so complicated.


The reason that may change your mind: 

Maybe you feel an emotional attachment to your house and you think your situation has changed a little, you don’t want to sell your home anymore or you have found a better deal. Whatever the situation is, you have to wait to sign the contract until you are fully determined to sell your home according to the current contract. You may compare multiple offers and choose the right one that fits your expectations.


The way you can cancel a purchase agreement:

Simply put, you have far fewer options for backing out of a written real estate seller contract for your house than buyers do. 


Here are a few instances where you might be able to cancel your contract:

If you only have a verbal agreement: If you have only a verbal contract, you will have an easier time backing out because of the statute of frauds, which states that any contract for the sale of land must be in writing to be enforceable. This statute is enforceable in most states, but as with any issues related to a legal contract, be sure to ask an attorney.


If the contract is unsigned:

 If you didn’t sign the contract yet you are not at risk, the contract is not yet enforceable. If you have a new home contingency: This contingency will allow you to back out if you can’t find a new home that fits your needs. It’s something that would be written into your original contract with the buyer.


In an attorney review:

 An attorney review period is a three- to a five-day period where sellers can cancel based on their attorney’s review of the signed contract. In some states, an attorney review period is a mandatory part of every contract. If it’s not mandatory in your state, it’s something that can be added to the original contract and something your agent may include as standard procedure. 


If the buyer agrees to the cancellation: 

If the buyer sympathizes with your cause, they may let you out of the agreement without suing.


By sharing more negatives than necessary: 

Sellers sometimes tell the buyer more than is legally required in the disclosure process, even if the problems have been repaired, in hopes of deterring the buyer. Depending on the laws of your state, though, if you disclose something to one buyer, you’ll also have to disclose it to future buyers.


By capitalizing on buyer contingencies: 

Buyers often put multiple contingencies in their offers, such as a home inspection contingency or an appraisal contingency. By refusing to negotiate after the findings of these reports, you can derail a deal.


The hardship you may face if you cancel the deal:

You can face financial and legal issues in canceling your purchase contract without any contingencies that let you out of the deal.


Buyer may sue for damages:

The buyer may sue for damages if you want to cancel the purchase contract without any contingencies.

  • Temporary housing costs
  • Storage costs
  • Inspection fee
  • Survey fee
  • Lost deposits 
  • HOA application fees
  • Legal fees


Tips for getting out of the situation:

If you want to cancel the purchase contract and get out of the deal without having big issues, you may do the followings:

Do some payment to the buyer to convince him/her. Tell them the valid reason politely, to agree with you upon the cancelation. Thus, you may avoid the court penalty which may appear more complicated otherwise.

You can talk to an attorney to get more idea about the legal issues related to the process and to determine the course of action that will probably minimize your financial burden and legal liability.

Finally, the above legal liability and financial penalties mostly go to the traditional home seller. As a cash home seller, you may not face such issues because you would have multiple offers at the same time to consider and compare to determine the best deal. Since you are not selling your home, leaving it a long time in the market unsold, expecting to have the biggest price, your case is different. You may not actually cancel the deal because your situation compels you to sell the property fast, if you have signed a contract you wouldn’t need to change your mind unless a major change occurs. You need now to think of the closing of the sale and get the cash to proceed further in your life. If your necessary papers are ready on your hand, you are almost there to close your home sale.


The potential reason for the cancellation of the purchase agreement would happen if you are a traditional home seller. In your option of a quick home sale, you can be wise to compare the local price with your property to determine the right value.

You can also contact us for a smooth home selling experience to sell a house with a tenant and be satisfied in your deal. Just click through this link: Blue Eyes Properties, LLC

As always, if you need any assistance, buying or selling your next home, contact us at Blue Eyes Properties, LLC, (941)216-5657 and we’ll help you any way we can. You can also email us at 315homebuyers@gmail.com


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