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how do I get out of selling my home when contracts have already been signed

I do not want to relocate my kids again for the 5th time contracts have been signed and this sale is a contingency contract on my new purchase.  We are only waiting for the buyer's committment we are set to close at the end of this month.
  • July 07 2013 - Queens
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Answers (6)

What does your REA say?
  • July 10 2013
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Profile picture for Michael Mei
Check with your attorney to determine when and if a binding agreement was established between you and the buyer. 
  • July 09 2013
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You should consult an attorney.  As Realtors, we aren't qualified to give legal advice.  You will need to present your specific situation to your attorney and see what your rights are under your contingency. 
  • July 09 2013
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Hi User0307362,

This is definitely a question for your attorney as the penalties for cancellation should be detailed in the contract. Sorry to hear that you want to back out but as they say, everything happens for a reason... 

Take care! 
  • July 08 2013
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The new purchase is contingent upon the sale which I want to back out of
  • July 07 2013
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If there was a good reason why your new purchase could not proceed then the other offer could be terminated I would think, as it is contingent.  You should contact a lawyer or your agent right away to work out your options.  Best,

jim
  • July 07 2013
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