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Q: A real estate contract can be a complicated document containing multiple time periods (i.e., loan approval/commitment periods, inspection period, title review period, etc.). I’m worried that in the event my customer asks me to modify a time period, I may be creating some form of legal ambiguity in the contract.
YES, You CAN Cancel A Real Estate Listing Agreement In California December 27, 2016 Leave a Comment by Kelley Eling, Realtor Real Estate There is a misunderstanding among some sellers, and even agents, and I’m here to clear that up.
A real estate contract is a legally binding document, so if the seller breaks it in a way that’s not covered by an included contingency, they are indeed violating it. Specific repercussions depend on state-specific real estate laws, but Feifer says the seller can’t just keep the down payment, formally known as "earnest money."
Breaking up is hard to do. So is cancelling a California real estate purchase contract. Especially if you are the seller. That is why, a little over a year ago, the legal department of the California Association of Realtors (CAR) produced a memorandum titled, ‘How a Seller May Cancel a Purchase Agreement: Checklist and Q&A’.
It is possible, but terminating a Purchase & Sale Agreement (i.e. real estate contract) is different in each state and the rights of of the Seller.
The seller could also decide to sue you for breach of contract. Some real estate contracts have a "liquidated damages" clause that states the maximum the seller can keep if the buyers breach.
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Usually, however, a buyer will want the seller to fulfill the contract and sell the house to the buyer as agreed upon in the signed contract. In addition, if the seller and buyer mutually agree to cancel the contract, the seller may still be on the hook for the full commission to the seller’s agent! The seller’s agent did indeed find a ready, willing and able buyer for the home per the listing agreement between the seller and the seller’s real estate agent. What a Mess!
Your real estate agent or the buyer’s agent might even be able to come after you for commissions due since they procured a willing, able and ready buyer for your home. Occasionally a seller might win a specific cause complaint, but typically that only happens if the seller can’t sell the home.
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