Q: We have signed a contract on a home and seller accepted. closing is June 20, 2018? can we change our minds now?
What would be the legal issues that would arise?
A: Yes, but before you do, you should speak with your real estate agent and a real estate attorney about the implications. The legal issues that would arise are going to be contract specific and depend on your particular agreement with the Seller. Typically there are permissible reasons to breach a contract that are outlined in your contract. A close reading of your contract will allow you a better idea of what will "allow" you to breach. If you are not breaching the agreement for a reason that is discussed under the contract, the contract will typically outline the penalties. Under Texas law, the Seller can try to force you to close by filing suit. This is not something that happens frequently, but it is within their rights. A Seller can also sue you to recover the difference between the contract price with you and the price they had to sell their house for, if they sell to someone else for a lower price. Once again, it all is dependent on the contract. You need to contact a local attorney to review the contract and discuss the implications with you.
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