When Can A Seller Back Out Of A Purchase Agreement

If the buyer sues the seller, they are likely to file a legal notice called “pedes rights” on the property to publish that the title to the house is the subject of an ongoing legal battle. Often, people wonder if a seller can pull out if they get a better deal from another potential buyer. This is a naturally worrisome scenario, especially if you get a contract for a highly sought-after home. You don`t want someone else to rush in and snatch it right in front of your nose! But don`t worry, once an offer has been accepted and a contract has been signed, sellers will no longer be able to accept another offer from another party. That`s right. A seller can`t just “pull out” because they feel like it. A signed purchase contract is a legally binding document. Therefore, a withdrawal could open the seller to financial repercussions and/or a lawsuit…