For all of your real estate needs, contact Olga Vega-Carter. She is an experienced REALTOR in Texas with SPI Realty. (956) 433-6291
Wednesday, January 28, 2015
If a seller gets cold feet, can he back out of the deal?
I accepted an offer on my house two days ago, but I’m worried that I won’t be able to find a new home. I’ve decided to stay put. How can I get out of this deal?
If using the Texas Real Estate Commission or Texas Association of REALTORS® contracts, sellers generally never have a right to terminate a contract once it’s been executed. The only right a seller has to terminate is when a buyer is in default. Under Paragraph 15 of both the TREC and TAR contracts (the Default paragraph), one of the options a seller can take if the buyer is in default is to terminate the contract and keep the earnest money.
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