SC Real Estate Forums

As the seller, I have had a change of heart in this sale. My contract is of a California Real Estate Purchase Agreement. The buyer has a 17 day due diligent period, in which to have the home inspected, appraisal, termited, and whatever they so feel is neccessary to have checked out.
Today its been 7 days since I signed into this agreement.

The buyers have not yet done their home inspection, nor have they had the house appraised, or anything to that matter as of yet. What can I do to get out of this purchase agreement?

Posted: Thu Mar 17, 2005 4:57 pm Post subject: Specific Performance

I do not want to advise on the laws in California as I am a real estate agent in South Carolina, and not an attorney in California.

If the transaction were taking place in SC, the Seller would be legaly bound to close on the property.

The due dilligence period is for the benefit of the Buyer, and as long as the contingencies are either released or satisfied within this due dilligence period, you will be obligated to close per the remaining terms of the contract.

If you really must get out of the contract, you will be expected (at the very least) to reimburse the Buyer for any costs incurred, assuming that you have a reasonable Buyer.

The first thing I would do is contact a real estate Attorney ASAP.

Best of Luck