- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (5)
- Sharon Lewis, "Sharon Lewis"
- Contributions:3923
I agree, although I am not an attorney, I would think its a breach of contract. I had clients who tried to do that, sadly they could not and were forced to sell, happily for them, the prices in their old neighborhood fell more, and now they are happy because they got out at the right time....see, there is always a silver lining. Good luck to you.
- Lisa Lentz, "Lisa Lentz"
- Contributions:25
Unless there is a clause in the contract like "seller to find suitable housing by x date"... then the seller would risk being in breach of the contract. If a seller is trying to back out of the contract without a contingency in place to allow for that,I would recommend that they seek legal counsel.
- Anthony Frisone, "ajfrisone"
- Contributions:355
Good question. But you should ask a lawyer
- Susan Chenard, "SusanChenard"
- Contributions:13
Might you mean a P&S agreement, a purchase and sales agreement?
As Connie said, there are a variety of options to back out, mainly for the buyer. But typically, if you are ready,willing and able to buy, i.e. not requesting changes/repairs to the home, let's say due to a home inspection, etc., and no financing contingencies (buyer can pay cash), it is more difficult and usually with some penalties that a seller could back out.
As Connie said, there are a variety of options to back out, mainly for the buyer. But typically, if you are ready,willing and able to buy, i.e. not requesting changes/repairs to the home, let's say due to a home inspection, etc., and no financing contingencies (buyer can pay cash), it is more difficult and usually with some penalties that a seller could back out.
- ConnieK_Oklahoma
- Contributions:2899
Not sure what a psn agreement is. however, nearly all legal agreements have a means to cancel them, in fact an agreement that doesn't not have a cancellation clause is a voidable agreement. There are typicaly terms spelled out that describe conditions for backing out and the process or means to do it properly, so the best thing to do is review the agreement, find that language and see that their reasons fall within the guidelines provided in the agreement. if not it could be a breech- if you suspect a breech talk with your agent, their broker or possibly an attorney.
does the seller have the right to back out after signing a psn agreement
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.