Legal Question in Real Estate Law in Florida
Cancelling a Contract
I signed a contract to sell my house 2 days ago. I did not consult a lawyer and now I would like to cancel the contract. Can I cancel it and do I have to pay some penalty.
1 Answer from Attorneys
Re: Cancelling a Contract
A Contract is a binding instrument between two parties. It cannot be unilaterly broken by paying a penalty fee unless the other party is willing to allow the Contract to be dissolved by accepting a sum of money in lieu of enforcing the Contract.
I suggest that you consult a qualified real estate lawyer who can review your Contract and see if there are any contingencies which may allow the Contract to be broken. This may include the failure of the property to assess for a certain price, the failure of the property to pass an inspection or your failure to qualify for a mortgage. Your attorney has the requisite knowledge to be able to read and interpret these important clauses.
Scott R. Jay, Esq. 305-249-8000
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