Q: Can a person that sold their home/property, which has delinquent taxes owed, to a broker/realtor back out of the sale?
It was sold to the realtor in May 2024 and is advertised online but hasn't been bought yet.
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A:
If you've sold your home or property to a broker or realtor and there are delinquent taxes owed, whether you can back out of the sale depends on the terms of the contract you signed. Most real estate contracts are legally binding, meaning once you've signed, you are committed to the sale unless there is a specific clause that allows you to cancel. You should review the contract carefully to see if there are any contingencies or conditions that would allow you to withdraw from the agreement.
Additionally, if the realtor has already taken steps, such as advertising the property or making any financial investments, they may be entitled to compensation or could potentially take legal action to enforce the sale. If the property is still listed and hasn’t been bought by a new buyer yet, it might be possible to negotiate a termination of the agreement, but this would likely require consent from the realtor and might involve additional fees or penalties.
It's essential to consult with a legal professional who can examine the details of your contract and advise you on your rights and options. Understanding the specific laws in South Carolina regarding real estate transactions and delinquent taxes can help you navigate this situation more effectively. Taking immediate action can prevent complications and potential financial consequences.
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