Purchasing a new home is an exciting time for many Georgia residents. Although the home-buying process can be complicated and costly, owning your own home may be a dream come true for you.
Once your real estate contract is signed, you probably assume that you are set. All that is left to do is wait until the closing date, sign some more documents and move in.
Then suddenly, your real estate agent tells you that the seller no longer wants to sell the home and wants to cancel the contract. Is this allowed?
Check your real estate contract
The answer to this question depends on your specific circumstances. If you have a written, signed contract, there might be language about contingencies.
This is language that allows the seller or the buyer to cancel the sale if certain conditions are not met.
You should have a professional review your real estate contract thoroughly before signing it. One of the reasons is because you want to make sure you are aware of all contingencies.
Even if your contract contains no contingencies, or any contingencies have been met, the seller can still try to back out of it, but this can lead to real estate litigation.
Your options if the seller still backs out
Most real estate contracts include language to protect buyers from situations like this. Therefore, you can sue the seller and ask for various remedies.
You can ask for money damages including the return of any deposits you made, appraisal or inspection fees and other costs involved with the transaction.
However, if you are like most buyers, you do not want money. You want the house that you were promised.
Suing for breach of contract
You can sue the seller for breach of contract and request that a judge order the seller to proceed with the sale. This is a complex process, so it is best to have experienced legal counsel to protect your interests.