Legal Question in Real Estate Law in Kentucky

What are the legal reprecussions of backing out of selling your home?

I own a home in Versailles, Kentucky. I accepted an offer on this home aproximately 15 days ago (the closing is not scheduled until February 7th). I never received a copy of the final offer after I accepted it but I don't that is here nor there. The bank has completed the apprisal (and the property apprised fine. I assume the buyer has their financing done. The inspection is scheduled for Tuesday, December 17th. I am regretting selling my home is it possible for me to back out of the deal? If so how much could it cost me? Could I be forced to sell legally? Could I be forced to pay the realtors the commission they would have received? Could I be sued by the buyer?


Asked on 12/12/02, 10:44 am

1 Answer from Attorneys
Philip Owens Philip M. Owens, Attorney at Law

Re: What are the legal reprecussions of backing out of selling your home?

If you have accepted the offer of the buyer, then a contract of sale has been created and you are as much obligated to sell and the buyer is obligated to complete the purchase. The only thing that can be done is to contact the realtor and see if the buyer would agree to cancel the contract. If the buyer has been out money on appraisals, etc, then he may want to be reimbursed. Also the contract may containg certain damage provisions. Call the realtor and discuss the matter. He may also be due a commission on the sale, and in most cases, can claim one if the selling party is responsible for the sale not being completed. He has lost money if the sale does not go through and he did the work you hired him to do--find a buyer for the house.

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Answered on 12/12/02, 4:32 pm


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