Asked in Contracts and Real Estate Law for Kentucky

Q: In Kentucky, can a buyer withdraw their offer after seller accepts when contract states only contingency is financing.

I’m selling land in Kentucky with no structures on it. Same realtor representing both parties. Realtor sent a contract from the buyer agreeing to fill asking price, with the only contingency being based on financing. Realtor told me via text the buyers already told her they had financing lined up. Contract stated the offer was valid for 24 hours and buyer could withdraw at any point until I accepted the offer.

I accepted the offer via text, then followed up by accepting via written contract that automatically sends the contract to the realtor. Realtor texts me a couple hours later to say sorry buyer has withdrawn their offer. I don’t believe any deposit or money was paid yet. I told the realtor I believe we have a legally binding contract since I accepted in writing and notified her well before they withdrew.

Can the buyer withdraw their offer after I already accepted and the only contingency in the contract was for financing which they already have?

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1 Lawyer Answer
Timothy Denison
Timothy Denison
  • Louisville, KY
  • Licensed in Kentucky

A: If they withdrew bf you signed the contract accepting, the offer was withdrawn. If they withdrew the offer after you signed the contract, then you may have a legally binding contract. However, it also depends whether any consideration was required by the contract (ie down payment or earnest money. If there was not refer to above. If there was, you likely have a binding contract.

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