About Eric Sexton Expertise All aspects of buying and selling homes including: General real estate questions, Contracts, Negotiations, surveys, title work and general questions about mortgages. I CAN NOT GIVE LEGAL ADVICE AND WILL NOT BE ABLE TO ANSWER QUESTIONS WHERE LEGAL ADVICE IS NECESSARY.
Experience
I have been a real estate agent for 6 years and a broker for 2 years.
Organizations National Association of REALTORS and Texas Association of REALTORS.
Expert: Eric Sexton Date: 8/29/2007 Subject: Sales Contract / Seller backing out
Question We signed a sales contract in the state of Texas for our land, and have realized that we do not wish to sell the land; how do we back out of the sales contract? Can they make us sell?
Answer Caryn,
Assuming that you used the 'Unimproved Land" contract that is required of Realtors by the Texas Real Estate Commission", the following would apply.
The contract does not give the seller an easy way out. The majority of the methods for terminating a contract either involve previously negotiated terms put into the contract, or actual default of the terms of the contract. For the most part, the buyer has more control over terminating the contract than the seller does.
All of this being said, I suggest telling the buyers that you have changed your mind. People often understand a change of heart in these matters. The buyers might be open to releasing the contract if you compensate them for any expenses they have incurred.
If you are using a REALTOR in this transaction, they should be assisting you with this. You might find the buyers are upset, but understanding.
Good luck. Let me know if this did not answer your question.
