Can I back out of a offer to purchase if I'm the seller?
- Ron AkiaLv 64 weeks ago
As long as you haven't signed an acceptance you can refuse. If you sign, it's a legal contract.
- AnaLv 64 weeks ago
If you signed papers then it’s no longer an “offer” it’s a signed contract and you don’t have a choice
- Christin KLv 74 weeks ago
Yes, you don't have to accept any offer if you don't want to. You're the seller. You can pick the offer you like best.
- curtisports2Lv 74 weeks ago
You can always refuse an offer. It stops being an offer to purchase once you have signed it and any contingencies have been met. It then becomes a legally-binding contract. You cannot escape it without potential financial penalty. In the case of a buyer who broke the contract, the buyer could be slapped with a money judgement by a court but the buyer cannot be forced to buy. However, when a seller breaches a contract, the court can force the sale.
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- MaxiLv 74 weeks ago
That depends on which country you are in and how purchase is set up generally until a contract is signed yes........however if for example in Scotland a property is put up for sale, 'offers' are made in writing so once an offer is accepted in writing that is the contract on both parties
- SlickterpLv 74 weeks ago
For a reason outlined in the contract sure. Otherwise you will have some financial liability.
- realtor.sailorLv 74 weeks ago
You can't back out if you have signed the purchase contract.Source(s): I'm a Realtor
- TavyLv 74 weeks ago
Seller of what, which Country?
If a property in the U.K., either party can back out up to exchange of contracts. No penalties.
- busterwasmycatLv 74 weeks ago
Depends on the reason. And where you are, of course, since the law is different from place to place. An offer to purchase is a contract and there are penalties, and possible financial liabilities for damage to the seller, for breaking a contract without valid cause. Talk to your realtor. They ought to know. Supposed to know at least.
This is why it is common to include provisions in the offer that indicate contingency on passing an inspection or obtaining finance. There are ways out of the offer but they cannot be arbitrary, just a whim of yours. You have to have a legally valid reason. At least anywhere I have lived.