Keller, TX asked in Real Estate Law for Illinois

Q: What can I do if I signed a contract with a buyer for my home and now they want to terminate the contract.

There have been no problems with any home inspections. The buyer listed as their reason to want to terminate the contract as "It is unprecedented to pay 11,500 over asking price in this town". I had multiple offers on the house and took the best one. I keep thinking maybe I should just sign the termination paperwork and move on.

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1 Lawyer Answer
Vincent Anthony Incopero
Vincent Anthony Incopero
  • Elmhurst, IL
  • Licensed in Illinois

A: If you are dealing with a contract that provides for an attorney review period, typically the purchaser can terminate for any reason other than the sale price alone. It is not unprecedented, especially in a Seller's market/low inventory market, for parties to pay more than the appraised value.

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