Legal Question in Real Estate Law in Georgia

seller termination of contract
How do I termintate a real-estate contract? I was unaware that I signed a contract, only that we were going back and forth on price. My understanding was we were trying to agree on price, etc. so that a contract could be written up for both parties to sign. I have been informed by my agent that I am indeed ''under contract.'' Again, I am the seller and I want out! What can I do and what are the penalties? Thank you.

Asked on 9/21/06, 11:44 pm

2 Answers from Attorneys

Scott Riddle Law Office of Scott B. Riddle, LLC

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Re: seller termination of contract

Initially, it is presumed that when you sign a contract you read it, understood it and agreed to it, whether or not you actually did. If you used the standard GA Purchase and Sale Agreement (or a similar form), it is usually pretty clear it was a contract/agreement. To get to your actual question, we don't have the contract or know the facts so no one can speculate about how you may be able to get out of it without penalty, or what damages you may be liable for if you breach the agreement and refuse to sell. A purchaser generally has the right to sue for specific performance when a seller breaches a contract for the sale of real property (ie, they ask the court to enforce the contract as written and force you to sell them the property under the terms stated in the contract). Either way, presumably the amount of money involved dictates that if it reaches the point where there may be a dispute you hire a lawyer ASAP to handle it and don't rely on advice from people who know nothing about the situation.

Answered on 9/22/06, 9:04 am

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