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!

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Topic:
Real Estate Best Practices
Location:
Georgia
Groups:
BananaTude
"Whacked"!!!
Diary of a Realtor
The Lounge at Active Rain
Realtors®
Tags:
get out of a real estate contract
getting out of a contract
terminating a contract

Comments 19 New Comment

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Rainmaker
552,728
Scott Fogleman
Witt-Fogleman, Inc. - Bedford, Lynchburg, and Roan
Witt-Fogleman Team 434-941-8847

Richard- Great Answer and always the best choice!

April 23, 2013 06:00 AM
Rainmaker
1,346,159
Andrew Mooers
Northern Maine Real Estate-Aroostook County Broker
MOOERS REALTY

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....?

April 23, 2013 06:05 AM
Ambassador
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Richard Weisser
Richard Weisser Coweta Newnan Homes for Sale
Better Homes and Gardens Real Estate Metro Brokers

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.

April 23, 2013 06:10 AM
Rainmaker
1,004,728
Sheila Anderson
The Real Estate Whisperer Who Listens 732-715-1133
Referral Group Incorporated

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

April 23, 2013 06:19 AM
Rainmaker
1,387,258
Roger D. Mucci
Lets shake things up at your home today!
Shaken...with a Twist 216.633.2092

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".

April 23, 2013 06:19 AM
Ambassador
683,273
Charita Cadenhead
Serving Jefferson and Shelby Counties (Alabama)
Keller Williams Realty

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

April 23, 2013 07:39 AM
Rainmaker
450,572
Ritu Desai
Northern Virginia Realtor - Fairfax/Loudoun/PW - 7
Samson Properties

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

April 23, 2013 07:45 AM
Rainmaker
204,179
Peggy Wester
Real Estate Agent Ozaukee & Washington County Real
Think Young Team--Realty Executives Integrity

Love it. Simple and to the point.

April 23, 2013 07:46 AM
Rainmaker
966,866
Gary L. Waters, Broker Owner Waters Realty of Brevard, LLC
Personal Service, always.
Waters Realty of Brevard, LLC

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

April 23, 2013 11:03 AM
Rainer
338,082
Brad MacKenzie
Turning Houses into Homes on the South Shore
Success! Real Estate

Good answer. Succinct.

April 23, 2013 11:32 AM
Rainmaker
387,907
Elva Branson-Lee
CDPE - Atlanta Real Estate & Short Sale Agent
Solid Source Realty GA

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

April 23, 2013 11:49 AM
Rainmaker
565,341
Kathy Sheehan
Branch Manager
Movement Mortgage 770-634-4021

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

April 23, 2013 01:44 PM
Rainmaker
1,734,112
William Feela
Realtor, Whispering Pines Realty 651-674-5999 No.
WHISPERING PINES REALTY

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

April 23, 2013 02:21 PM
Ambassador
1,406,142
Anna Banana Kruchten
Phoenix Real Estate Agent, CRB, CRS 602-380-4886
Phoenix Property Shoppe

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

April 23, 2013 05:24 PM
Rainmaker
387,907
Elva Branson-Lee
CDPE - Atlanta Real Estate & Short Sale Agent
Solid Source Realty GA

reblogged!

April 24, 2013 08:08 AM
Ambassador
1,082,680
Bryan Robertson
Broker, Author, Speaker
Catarra Real Estate, Inc

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.

April 24, 2013 01:28 PM
Rainer
277,079
Steven Cook
- Pierce, King, Kitsap, Thurston, Mason Counties
No Longer Processing Mortgages.

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

April 25, 2013 10:10 AM
Ambassador
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Michelle Carr-Crowe Just Call 408-252-8900 Luxury Homes in Top Silicon Valley Schools-San Jose, Cupertino, Saratoga & Palo Alto
Family Helping Families Buy & Sell Homes 40+ Years
Just Call 408-252-8900 Lynbrook Homes Cupertino KW

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

April 26, 2013 11:19 PM
Rainer
171,283
Norman Padula
GRI, CDPE, PA~Presence,Persistence & Perseverance
Keller Williams Carmel Valley
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!
April 27, 2013 03:07 AM
Anonymous
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Richard Weisser

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