How do I get out of a real estate contract?

By
Real Estate Agent with Better Homes and Gardens Real Estate Metro Brokers

How do I get out of a real estate contract?This question comes up quite often: “How do I get out of a real estate contract?”

And the answer is actually quite simple. And I’m not going to keep you in suspense:

Consult an attorney.

You see, this is a legal question and not a real estate question.

Real state brokers and agents are not lawyers. In most states we are prohibited from offering legal advice unless we are coincidentally practicing attorneys.

So please don’t be annoyed when I offer you the PROPER response.

Because the best customer service of all is giving you correct information!

Topic:
Real Estate Best Practices
Location:
Georgia
Groups:
BananaTude
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Diary of a Realtor
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Tags:
get out of a real estate contract
getting out of a contract
terminating a contract

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Show All Comments
Rainmaker
561,004
Scott Fogleman
Witt-Fogleman Team 434-941-8847 - Forest, VA
Witt-Fogleman, Inc. - Bedford, Lynchburg, and Roan

Richard- Great Answer and always the best choice!

Apr 23, 2013 06:00 AM #1
Rainmaker
1,383,881
Andrew Mooers
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

If someone does not want to do something, you can make it harder but the same results are going to happen. Just the expensive, slow wheels of justice are going to be involved. Business decision of do you want fight. Or let go and get dragged or is it drug....?

Apr 23, 2013 06:05 AM #2
Ambassador
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Richard Weisser
Better Homes and Gardens Real Estate Metro Brokers - Newnan, GA
Richard Weisser Coweta Newnan Homes for Sale

Scott...

The question itself is a legal one. Plain and simple. THX.

Andy...

So true ... and it often takes a "peace offering" to wrap things up in a nice little bow! TYVM.

Apr 23, 2013 06:10 AM #3
Rainmaker
1,088,556
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Richard. Well done my friend. Seek competent and licensed advice.

Apr 23, 2013 06:19 AM #4
Rainmaker
1,461,234
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

So true, but I'm sure they don't like hearing your answer.  I never understood what people don't get about "legal and binding contract".

Apr 23, 2013 06:19 AM #5
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Charita Cadenhead
Keller Williams Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)

Well now you can't get much simpler than this.  Probably more often than not, agents feel quite comfortable and consider it a part of their duty to make up a lie to get their client out of a contract.

 

Featured in Bananatude

Apr 23, 2013 07:39 AM #6
Rainmaker
462,548
Ritu Desai
Samson Properties - Ashburn, VA
Virginia Realtor-Fairfax/Loudoun/PW-703-625-4949

Richard I agree, many of the home buyer and seller don't understand the legality and the commitment when they sign the contract.

Apr 23, 2013 07:45 AM #7
Rainmaker
204,504
Peggy Wester
Think Young Team--Realty Executives Integrity - Grafton, WI
Real Estate Agent Ozaukee & Washington County Real

Love it. Simple and to the point.

Apr 23, 2013 07:46 AM #8
Rainmaker
996,576
Gary L. Waters, Broker Owner Waters Realty of Brevard, LLC
Waters Realty of Brevard, LLC - Melbourne, FL
Personal Service, always.

Once the contingencies have been cleared you better seek counsel....only advice appropriate.

Apr 23, 2013 11:03 AM #9
Rainer
343,282
Brad MacKenzie
Success! Real Estate - Duxbury, MA
Turning Houses into Homes on the South Shore

Good answer. Succinct.

Apr 23, 2013 11:32 AM #10
Rainmaker
391,356
Elva Branson-Lee
Solid Source Realty GA - Atlanta, GA
CDPE - Atlanta Real Estate & Short Sale Agent

Succinctly put, Richard. It still surprises me that people do not seem to realize that their offer once accepted is a legal contract.

Apr 23, 2013 11:49 AM #11
Rainmaker
565,495
Kathy Sheehan
Movement Mortgage 770-634-4021 - Atlanta, GA
Branch Manager

The best advice ever given.... well done Richard!!!

Apr 23, 2013 01:44 PM #12
Rainmaker
1,776,828
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

We are asked advice all the time, but sending the client to the proper professional is the right thing to do.

Apr 23, 2013 02:21 PM #13
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Anna Banana Kruchten
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana of Real Estate!

Richard - excellent answer!  It's a legal contract and needs legal counsel on 'how to break' a contract after the contingency period.  

Apr 23, 2013 05:24 PM #14
Rainmaker
391,356
Elva Branson-Lee
Solid Source Realty GA - Atlanta, GA
CDPE - Atlanta Real Estate & Short Sale Agent

reblogged!

Apr 24, 2013 08:08 AM #15
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Bryan Robertson
Catarra Real Estate, Inc - Los Altos, CA
Broker, Author, Speaker

Unless there's an exit clause in the contract, you're absolutely right - consult an attorney.  I've had this question come up many times.

Apr 24, 2013 01:28 PM #16
Rainer
277,279
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA
- Pierce, King, Kitsap, Thurston, Mason Counties

Richard -- this is great answer, that too many people don't want to give, or listen to, unfortunately for them.

Apr 25, 2013 10:10 AM #17
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Michelle Carr-Crowe-Selling Silicon Valley Homes in Top Schools San Jose, Cupertino, Saratoga, Palo Alto-Just Call 408-252-8900
Just Call (408) 252-8900! - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

And it's such a nice and simple answer, too.

Apr 26, 2013 11:19 PM #18
Rainmaker
222,025
Sandy Padula & Norm Padula
Keller Williams Carmel Valley - Del Mar, CA
GRI, CDPE ~ Presence,Persistence & Perseverance
Richard, so much for extreme cases of 'Buyer's Remorse'. I always remind my principals before signing that it is a legal contract and is enforceable when accepted by the seller, or buyer. I also point out that BR might set in and to relax. Good post!
Apr 27, 2013 03:07 AM #19
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Richard Weisser

Richard Weisser Coweta Newnan Homes for Sale
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