What if I, the seller, Change My Mind?
It is hard to anticipate any changes of heart or mind that you may have during a real estate transaction. It is important to plan ahead and make sure you are protected in case and such changes cross your mind. To avoid any situations where the seller of real estate must owe commission to a broker despite the incompletion of a deal, it is best to specify that commission transactions will occur upon the completion of the sale of property or any other possession in question. This way, you are secure in your dealings, and once an offer is accepted it cannot be swayed without the explicit consent of any of the parties involved.
Overview of the Law
Both home sellers and home buyers are bound to the terms and conditions that they accept in any contracts that they choose to accept. This ensures that both the buyer and seller are invested in taking necessary measures involved in such transactions, like loans, mortgages, or home inspections. However, in situations where a buyer or seller tries to change what is specified in their contract and cannot agree there are liquidated damages provisions (that are generally around 3% of the purchase price) that allow buyers, but not sellers, to withdraw from the contract. In this scenario, a seller is no longer obligated to sell the property in question to that specific buyer. A seller can also choose to sell their property to a third party whose selling price is less than the price mentioned in the contract with the previous buyer.
What Are Your Options?
If you as a seller, do not wish to sell your property to a buyer that you have already made a contract with, then you have two options. The buyer may voluntarily void the contract or you may file a lawsuit against the buyer, within reason. However the buyer can claim a pending litigation for the property they wish to buy. You as a seller do preserve certain rights, listed below:
- Sell your home to a buyer who satisfies you
- You possess rights to refuse to sell your home to someone, for example, who may create any disturbance in the peaceful setting of the neighborhood with their bunch of dogs.
- You are not allowed to make any discrimination based on color, race, religion, sex, nation origin or even disability.
Be Safe and Secure in Your Decisions!
To avoid any situations that can create an unnecessary amount of stress or put you in a situation in which you are uncomfortable with the procedures, you may want to strongly consider hiring a legal professional to handle your case. Joseph M. Ghabour & Associates is an experienced law firm that can guide you through the legal technicalities and processes of any transaction or action that you want to pursue.