When buying my home in Houston, Texas, one of the things that you’ll find yourself thinking about is whether it’s possible to break a real estate contract. In truth, it’s very much possible. However, there are repercussions that you’ll have to face.
The prospect of buying or selling my home fast in Houston, Texas, can be frightening. We Buy Fast Houston Houses understands that. For buyers, it’s scary because they have to commit a lot of money on an asset that they barley know, and for sellers, it’s difficult to let go of something that holds so many memories. That’s why from time to time you’ll find a buyer or seller get cold feet.
So, is there a way out of a purchase agreement?
The answer is not a simple “Yes” or”No.” Technically, you can get out of any contract, including the purchase agreement. But, like we said before, there will be consequences. Remember, a purchase agreement is a contract like any other. That means it’s illegal to change your mind because you just found out the other party pours cereal first the milk into the bowl.
The good news is, if the purchase agreement was well thought-out, it will have contingencies. And if they are met, you or the seller can back out of the deal scot-free. By the way, this is the only way you will be able to get out of any contract when selling my home fast in Houston, Texas.
Unlawful breaches
Let’s just say you’ve tried your best but still cannot bring yourself to closing the deal with someone who has a ridiculous mustache. What do you do? Well, unfortunately, this defense doesn’t hold much weight unless you added a mustache contingency in the contract. If you go ahead and breach the contract, the consequences will vary…
If it’s the seller who breached the contract, they’ll have to first return the earnest money, and then compensate the buyer for every penny spent during
the contact negotiations. If you do not want to pay them back, the issue will be forwarded to court and you can lose a lot more than you bargained for.
If it’s the buyer who breached the contract, they will lose all the money spent on the appraisal, home inspection, etc. on top of that, they won’t get back their earnest money.
Breaking a contract lawfully
When selling of buying my home fast in Houston, Texas, it’s really important to add sufficient contingencies to the agreement. So what are the lawful ways of getting out of a contract?
In almost every purchase agreemen
t, you’ll find a deadline by which the homebuyers has to secure financing. If the buyer doesn’t meet this deadline, the seller is allowed to annul the contract. They can also back out of the deal if they cannot provide the repairs you ask of them after a home inspection.
A buyer can as well breach a contract lawfully in a number of ways. If you want to learn more about that, you should reach out to We Buy Fast Houston Houses.