Gaylord, MI asked in Real Estate Law for Michigan

Q: As the seller, can I renege on the Purchase Agreement?

I'm unable to locate new housing. Also, addendum on contract for me to pay 4% of buyer's closing costs.

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2 Lawyer Answers

A: Not being able to find new housing, unless that was a contingency in the offer you accepted, is not a reason to stop the sale.

A costly addendum YOU AGREED TO (did you agree?) also is not a reason to stop the sale.

What did your attorney say when reviewing the offer? What contingencies ARE in the agreement.

You’ve presumably entered into a binding agreement. The fact you no longer like the terms doesn’t mean you can back out without consequences.

You need to consult with a licensed local real estate lawyer before you do anything more. You SHOULD have consulted with an attorney before accepting the offer. Don’t make it worse now by failing to do so at this juncture.

David Soble
PREMIUM
Answered

A: The agreement itself describes your rights under your purchase agreement, whether you are the seller or the buyer. If the agreement has proper provisions for sellers to withdraw, you may be able to do so. You also will need to look at the legal remedies available to the opposing side should you decide to forgo performance under the agreement. Note: The Statute of Frauds requires the reduction of all real estate agreements in writing for their enforceability.

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