Terminating a contract
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Terminating a contract
Seller wants to terminate a
signed contract after accepting
the buyer’s offer. Can the be
terminated? No inspections or
appraisals have been completed
Asked on January 12, 2019 under Real Estate Law, Maryland
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
No, it does not matter that inspections or appraisals have not been completed: once the contract is signed it is binding on both sides, and the seller may only get out of it if:
1) The contract has some early termination clause or provision with which the seller fully complies.
2) The buyer committed fraud, or lied to the seller about somerthing material, or important, to get the seller to enter into the contract; fraud allows a contract to be voided or undone.
3) The buyer breached, or failed to honor, some material or important obligation under the contract, like not making a required deposit, since a material breach by one part will let the other party treat the contract as terminated.
Otherwise, the seller will be obligated to the contract, and the buyer could sue if the seller does not go through with it.
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