Legal Question in Real Estate Law in Pennsylvania
seller backing out of a sales agreement at closing
I would lik to know can I back out of the sale of my house at closing on the last day of the contract agreement becsue of lack of funds coming back to me at closing and I would have no place to go. Also the realtor that is helping me is and the buyes title comapnay cannot seem to have the right information and I have to do all the calling to my mortgage company homeowners association etc.... it has really been stressful.
1 Answer from Attorneys
Re: seller backing out of a sales agreement at closing
You asked about backing out of the sale of a home.
Most people don't realize that the sale of a home (as with most things) occurs when the parties reach an agreement (signed in real estate) and one side or the other begins performance. In the sale of a home this is usually done in the form of placing a deposit. At that point the sale becomes enforceable.
If you choose not to sell and the buyer still wants the home they will sue for specific performance requiring you to close on the sale. If the buyer refused to close then you could seek legal damages (money) to compensate for your losses.
Regards,
Roger
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