Is it possible to get out of a purchase agreement

We've been waiting for the lessor for 3 months now. Can I back out and get my earnest money back?? Typically, Real-Estate contacts will be day contracts from date of acceptance through closing but, there are many exceptions. We would be happy to speak with you about your situation and go over your contract with you. Three months from start to finish is not that unusual.

If you would like us to review your contract with you please contact us at and we will review it together. We have developed a reputation for quality and efficient closings. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.

The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site.

We do not include the universe of companies or financial offers that may be available to you. At Bankrate we strive to help you make smarter financial decisions.

While we adhere to strict editorial integrity , this post may contain references to products from our partners. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. We maintain a firewall between our advertisers and our editorial team.

Our editorial team does not receive direct compensation from our advertisers. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers.

Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate.

The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. This is not always a good idea, though, as in some states anything that you disclose to one buyer, you are also legally required to disclose to others in the future.

Finally, a seller can try to get a buyer to agree to the cancellation, usually in good faith. If the buyer sympathizes with a certain situation, they may agree to the cancellation of the purchase agreement. All of the above are reasons that would allow the legal ending of the contract on behalf of the seller with no ramifications. But what happens if a seller suddenly backs out without abiding by the contractual contingencies? Well, a buyer can sue for specific performance or for damages. In the case of specific performance, the court can order the seller to complete the contract, which would involve the selling of the home and transfer of title.

However, this is not often the path most trodden due to the length of time and legal costs involved. More often, a buyer will sue for damages caused by the breach of contract. These damages often include the fees that were associated with the sale such as inspection fees , lost deposits, temporary housing costs, or any legal fees.

If you have a home under contract and you find yourself experiencing circumstances that require you to cancel the deal, there are ways in which you can do so while minimizing the potential for legal and financial repercussions.

The best way to avoid an upset or disagreement is always to think through before you agree to a sale, and to ensure that you have carefully read through the contingencies outlined in your home purchase agreement before signing. Make sure that you are covered in case you do need to back out of a sale suddenly. Read the Blog. By PropertyClub Team. Can a seller back out of an accepted offer on a house: This article will cover whether or not a seller can back out of a real estate contract before closing or cancel a purchase agreement.