Q: Is there any law for a seller to get out of a real estate contract before closing?
I do not see any specific contingency in the contract for the seller to terminate the contract. There is a contingency on an addendum that the "buyer reserves the right for any reason or no reason in it's sole discretion to terminate this agreement by writing no later than 5 days before closing." Does this give the buyer the right only and not the seller? Thanks
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A: Purchasers/Sellers breach real estate contracts daily, with few consequences. Usually only earnest money or a real estate commission are the only actual penalties. But a Specific Performance action is a possibility. Breaching Parties always take a chance.
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