Legal Question in Real Estate Law in California
real estate
I signed a purchase agreement as a seller within 24 hours I contacted the buyer to notiy them that I needed to cancel the contract due to a lien on the house and me being unable to pay if off and release the title. They will not let me cancel what can I do?
1 Answer from Attorneys
Re: real estate
First, you should be aware that there is no "cooling off" period or automatic right to cancel respecting a real estate sales agreement. Despite this, they could agree to cancel the contract if they wanted to. In order to force you to go through with a sale if you will not cooperate and sign the necessary documentation and deeds, they will have to sue you for specific performance of a sales contract. You say that you cannot pay off the lien (i.e., there will not be enough money), then that will be a defense you can assert, if they sue. However, if the sale will garner enough money to pay off the lien but you just do not want to pay it off, then that is a negative factor at trial.