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Can seller back out after they accept?
I made an offer on a house and the seller accepted it. Then a week later they said they want to stay another month and want to pay rent. We said no and now they aren't accepting our offer. Can they do that?
Asked By Charlene S. | Fort Lee, NJ | 470 views | Buying | 2 years ago
Answer(6)
Briahna Savage
Keller Williams NY Realty
The rules in every state are different but its best to seek legal advise on this question.
Especially is contracts and earnest money was provided to the sellers side of the transaction.
-Briahna Svagae
Licensed Realtor NY & PA
[email protected]
- 2 years ago
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Jamie Moreng
Move with Moreng @ eXp Realty LLC
Charlene,
Great question. As many have mentioned, this is largely influenced by timeline. If both parties had attorney representation a week in atty review seems like a long time from my experience. If you were still in review, they the sellers can absolutely back out of this obligation.
Once the executed rider is in place, the inspection & appraisal contingency are satisfied, then & only then would there be a more likely scenario where both buyer and seller have obligations to fulfill on the completion of the sale.
- 1 year ago
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Santiago Valdez
Compass - Chicago - River North (Kinzie)
Hi Charlene, if you have an attorney review period in your contract, that period is for both the buyer and also the seller; any of them can suggest changes to the contract which if not satisfied can terminate and get their earnest money back if some is involved. That is also the importance of finishing attorney review as quickly as possible for both buyer and seller.
- 1 year ago
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Karrie-Ann Versace
Coldwell Banker
Hi Charlene,
If you are still in Attorney Review the seller can still back out. It is important to find an attorney that can get you out of Attorney Review completed quickly. Mine is done in 2-4 days tops.
- 1 year ago
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Andrea Alummootil
Keller Williams Park Views
Charlene,
The seller has the right to change his mind anytime during the transaction. If it is not out of attorney review, he is not liable for any damages or costs incurred by the buyer. This seems like the seller is not sure what they want.
- 1 year ago
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Edwin Lora
United Real Estate North Jersey
This will depend on what step of the transaction this is happening, during Attorney review this can be possible, but after you are under contract, your attorney would have to advise you on that. Edwin Lora Realtor® in NJ
- 2 years ago
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