Hi All I entered a contract to sell a house in New Jersey there is a tenant with first right of refusal and we are waiting for his response to buy or waive his right,
I got cold feet on selling all together and looking to cancel the contract can I in this stage still do so,
Vista, CA · Member since 2016 · 16 posts · 6 votes
6y
I'm not a lawyer and this isn't legal advice, just my two cents. Technically, no. You signed a contract and you gave him a certain time period to perform. As long as they can perform within the time period, you are contractually obligated to sell or they can sue you for breach of contract. But I would talk to the person your in contract to sell it to. Give them your reason for wanting to back out of the contract. They want to work with you and make it easy for you. Give them a chance to make it a win-win situation for everyone.
Real Estate Agent · Princeton, NJ · Member since 2016 · 1k+ posts · 1k+ votes
6y
@Sam Sams talk to your attorney? If you signed a listing agreement with a real estate agent you may need to pay a termination fee or just tell them you changed your mind but you’ve signed a legal agreement to market it. You can always ask to change your price. If you received an offer to sell it that you accepted and signed, you have 3 business days to cancel the contract. Or you can refuse to do any repairs (as is your right) and maybe have them cancel the contract on you. Prices are high so it’s a good time to sell.
Vista, CA · Member since 2016 · 16 posts · 6 votes
6y
I'm not a lawyer and this isn't legal advice, just my two cents. Technically, no. You signed a contract and you gave him a certain time period to perform. As long as they can perform within the time period, you are contractually obligated to sell or they can sue you for breach of contract. But I would talk to the person your in contract to sell it to. Give them your reason for wanting to back out of the contract. They want to work with you and make it easy for you. Give them a chance to make it a win-win situation for everyone.
Realtor · Hanover Twp, PA · Member since 2018 · 3k+ posts · 3k+ votes
6y
I agree with @Solomon Rodgers, but also be willing to pay the piper as well. Your agent should be paid their commission since they fulfilled their end of the listing contract. You may also need to compensate the buyer as well to be fair.
Thanks all for the reply, I understand once you sign the contract it’s not so simple as the seller to get out, I guess I will need to speak to my attorney for more information on this.