Q: I entered into a contract to sell my home 1 day ago, but now I need to back out. How likely am I to be in legal danger?
The buyers have not paid any fees or performed any of their obligations yet, other than earnest money which they will receive back. The contract was signed legally and in good faith by both parties, but some family matters came up when discussing the sale of our home with my parents and now I need to back out. I assume I can only do so by defaulting on the contract. What are the legal ramifications?
A: You likely have signed a TAR form contract. You are correct, the buyers would get their earnest money back. However, the buyer may have a right to demand specific performance- force the sale as well as damages. There may contingencies in your contract that may provide a way out. Talk to your real estate agent (assuming you have one) and you may need a lawyer.
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