Q: Can I back out of estate contract?
Oct 29th: I entered a real-estate contract to purchase a house. the contract says to close on or before Nov 30th. (email)
Nov 16th: I did let my agent know that I'll be out of the town on Nov 25th for 7 days, and will try to close sooner (texting)
Nov 18th: I was cleared to close. (email)
Nov 19th: The Title company contacted both me and seller and scheduled a closing on Nov 23rd. (email)
Nov 21st: My agent did let me know that the seller cant close on the 23rd because she is buying another property and the other seller not ready to sell. (Nothing official)
Q1: If the seller did not show on Nov 23rd, does that mean I am out of contract?
Q2: If no show on the 23rd if will get pushed till December, can I walk away in December since we are out of contract?
A:
If the seller can't close before Nov. 30th, then that is a breach of contract and you can terminate. They will likely ask you to sign an extension, but you aren't obligated to do so.
If the seller is able to close by then, you can still terminate the contract if you want. This is considered a breach by you and you are liable to the Seller for any damages. Usually, if the seller finds another buyer at the same price, then the damages are minimal. In fact, sellers rarely pursue a buyer who backed out because damages are so minimal.
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