As a matter of fact, you can. There is a stipulated time frame within which the parties can back out of the real estate deal, especially before the stage of them signing paperwork, and the money is transferred to an escrow account which can ensure the safety of both parties.
But what is the point of no return? At what stage can someone back out of the deal and not look back?
When someone has a property on sale, the buyer would initially enquire about it. This is the beginning phase, where the potential buyer is just ‘looking around’. Now, this changes when the buyer begins to take steps to assess the property- this is done by analyzing the real estate with the help of an appraiser, checking in with an inspector and even taking it to the stage of getting a loan. This is where money gets involved. Once this happens, the seller can ask for a certain amount of money no matter if the buyer backs out.
When The Deal Cancels
Once the agreement and the purchasing process reaches the point of signing the relevant documentation, the buyer and seller are legally bound by law. The agreement is void legally with the only exception if the earth were to open up and completely destroy the property.
Canceling the deal after this point is considered to be a breach of contract and this could lead to a lawsuit. The seller can seek a legal discourse and take the buyer to court- the seller can often keep the earnest money that is in the deal.
What The Seller Should Do In Case The Deal Falls Through
There are two things that the seller can do: the seller can take the buyer to court if they break the deal, and demand that he/she be compensated by taking legal remedy with the help of a real estate lawyer. The seller can also make use of the earnest money to salvage the losses of the initial sale.
Should The Seller Seek The Possibility Of A Lawsuit?
It is best advised that the seller or the concerned party consult a real estate lawyer. They can help better position you and help decide on the best course of action for you, be it relisting the property, only take the earnest money or go ahead with a lawsuit. In that case, it is best that you take the pros in the game that have a proven track record of being one of the best Israeli attorney in the US. Visit us at https://aharonilaw.com/.