Whether you’re selling or buying a property, the process of any real estate transaction can be long and arduous. From inspections and appraisals to mortgage financing, underwriting and title searches, your real estate deal in Fort Myers can take weeks or even months to close. So, what happens if your circumstances change before closing? Can you back out of the sales contract? Or are you stuck moving forward with the purchase or sale?
In short, it is possible to get out of a sales contract. According to the National Association of Realtors, 12% of real estate contracts were canceled between February and April of 2020. The most common reasons identified were a change in job status and financing issues. Even so, depending on where you’re at in the process and the terms of the contract, you may have to forfeit deposits and other prepaid expenses. Additionally, while the law generally works in the favor of buyers, sellers may also be able to cancel a sale, depending on the terms of the contract and other factors.
Consulting with our highly experienced real estate lawyers at ZinnLaw of Fort Myers, FL could help you recoup money and get out of the deal without ending up in court or mediation. At Zinnlaw, we’ve created this guide to help you navigate these rough waters of to be able to back out of a real estate contract legitimately. Read on to learn more about getting out of a real estate sales contract and when it’s to your advantage to hire an attorney.
How buyers can get out of a sales contract
It’s generally much easier for buyers to get out of a real estate deal. Most sales contracts include standard contingencies that make it possible to walk away unscathed. These contingencies include:
- Issues found during inspections
- Low appraisals
- Financing issues
- Inability to sell your current home
- Title issues
Over the next few weeks, we will go into more detail about each of these contingencies so that you will have a more complete picture of the types of documents and information you will need to gather in order to legally back out of the real estate contract you signed. At ZinnLaw of Fort Myers, FL we believe the more informed our clients are, the better the outcome, and that’s why we provide these kinds of educational articles about the Florida legal system.