Q: Can a seller.get out of a contract. And if so how?

A: Once you enter into a valid contract, the contract binds you to its terms. A material breach means you cannot fulfill the main promise of the sale.

The first thing you want to do is read the contract to see your obligations if there is a breach. Once you understand your contractual obligations, you need to make a decision as to your next steps.

For example, you can ask the other party whether they can discharge your performance under the contract. You can mutually rescind if both parties agreed to do so. Try to reach a settlement agreement with the Buyer. You may have to agree to pay the Buyer a negotiated termination fee.

Find a way to unilaterally terminate the contract. If the other party does not agree to terminate the contract, you must find some defect in the contract to unilaterally rescind. Examples of defects include: misrepresentation, duress, mistake, failure of consideration, undue influence, capacity or illegality. If you can a defect this will prevent your performance under the terms of the contract. Do not invent a defect, as you will need strong legal grounds to rescind the contract.

Failure to find a solution, you will be subject to damages (pursuant to the terms of the contract). Worse case scenario, a judge could order specific performance, where you will be obligated to sell, still pay damages and cover the lawyer fees for the Buyer.