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This contingency only applies if it has been explicitly written into the contract. Often times, clients will want to know how they can walk away from a deal without repercussions, including being be forced to pay damages and attorney fees. The main exception is when the contract includes a contingency that allows the seller to terminate the sale. The seller may be tempted to lie about the home's condition, which could constitute fraud. Both parties agree to modify or cancel the contract. (David Zalubowski/AP) Gift Article Q: We just closed on a house, but the sellers have not vacated. being ordered to perform a specific action such as paying for closing costs. In one house I had under contract, the inspector discovered water in the crawlspace and evidence of termites, said Baker. They open themselves up to a greater pool of potential buyers. Probably not. Reneging on a contract to sell your property can be a risky and costly undertaking. This must be signed by the seller to release both parties of liability and return the earnest money to the buyer. Price Factor - It can be clearly known that there is an ocean of resellers. While seller contingencies are somewhat rare, they do exist particularly in highly competitive markets. A buyer and seller enter into a purchase agreement contract that includes a home inspection contingency. Can A Home Seller Refuse to Make Repairs? | Kenco Home Inspections The buyer violates specific terms of the contract. Or they may simply need more time to move due to a variety of life circumstances. If the seller breaches a contract and basically refuses to close on a property in the state of Florida, the buyer has potentially the remedy of specific performance. However, if you are concerned that the property will be sold out from under you, filing a lis pendens alerts potential buyers that there is currently a legal action against the seller regarding that property, essentially putting a cloud on the title. When Can a Seller Back Out of a Real Estate Contract? - HomeLight Blog Reading that paragraph you will find the following description of what happens when the Seller is in default of the contract: (b) SELLER DEFAULT: If for any reason other than the failure of Seller to make Sellers title marketable after reasonable diligent effort, Seller fails, neglects or refuses to perform Sellers obligations under this Contract, Buyer may elect to receive a return of Buyers Deposit without thereby waiving any action for damages resulting from Sellers breach, and, pursuant to Paragraph 16, may seek to recover such damages or seek specific performance.