Ultimately, Florida law does not offer sellers the legal right to cancel a deal for remorse or other frivolous reasons. Only a limited number of specific exceptions allow a seller to cancel a contract, so be sure to consult with an experienced attorney. The short answer is yes, a seller can cancel a contract, but only in particular circumstances. Even then, there are likely consequences for the seller, as laws surrounding real estate contracts tend to favor the buyer rather than the seller.
That is, if the seller can offer compensation to the buyer or if the buyer regrets his purchase. Time is also of the essence, things will be much easier before the purchase agreement is signed. If you withdraw after signing, you may find a specific performance provision. In that case, the buyer can demand not only monetary compensation for the loss of the home, but also that the seller pay his legal fees.
It's not uncommon for many homeowners who are aware of a real estate contract to wonder if a seller will retract a purchase agreement. Termination of a real estate contract means that, under the law, the contract is considered to have “no force or effect from the outset.” Try to settle with the seller Although a dispute over a broken contract can quickly turn into a pitched battle that ends up in court, you don't have to. However, enforcing a real estate contract in court is expensive and time-consuming, so you'll need to carefully consider how much you're willing to fight. When the seller put their home on the market, they may have been in the perfect position to sell their home and buy a new one.
If you are a homebuyer, don't take it personally if a seller wants to withdraw from a real estate contract, no matter how motivated you were to sell the condo, apartment, or townhouse that the owner of the property initially seemed. The bottom line is that, if you are faced with a situation where you believe that termination may be appropriate, then good advice is to talk to an experienced Florida real estate attorney to learn about your rights. Forward-thinking sellers who are trying to buy and sell a home at the same time often include a sales contingency in the purchase agreement. On the rare occasion when a seller resolves a dispute with the buyer and withdraws from a real estate contract without penalty, he returns to square one.
A home seller who is afraid has several options if they want to withdraw from a real estate contract after it has been signed. We will also explain the circumstances in which a seller can cancel the contract without penalty and what your legal options are. Most real estate lawyers, such as Larry Tolchinsky, offer a free initial consultation (by phone or in person, whichever you prefer) to answer your questions. It's about time the Internet had one place with all the most up-to-date information from leading experts in property management, investment and real estate law.
A home seller who wishes to withdraw from a real estate contract is encouraged to consult with an attorney and review all possible legal remedies available to him before canceling the agreement.