Highlands NC Real Estate, Can Sellers Get out of Contract?
Can sellers get out of a contract when selling Highlands NC real estate? This is a good question. The answer, however, is not so simple. A seller cannot get out of a contract for simply changing his mind. However, ending a contract can be accomplished through specific contingency items in a purchase contract. A Highlands NC REALTOR will be a valuable resource for understanding your contract and, at times, you may need a real estate attorney involved as well.
Easiest for a buyer to get out of a contract
A buyer typically has a number of outs when it comes to a contract to purchase a Highlands NC property. The exit could result from a finance contingency, perhaps a loan is not attainable or the amount of the loan cannot be accomplished. Another out could come from the inspection. Perhaps the list of issues is too big or the seller is unwilling to negotiate. Regardless, it is much easier for a buyer to exit a home purchase.
A seller has a few options for exiting a contract. The seller can get out of a contract when dates and deadlines are not met by the buyer. When the buyer fails to follow through on contingencies and passes contractual dates he runs the risk of losing his earnest money. There are also contingencies that a seller can put in a contract. One common one is a contingency tied to the seller finding a property to purchase prior to closing. A Highlands NC REALTOR will be helpful for a seller to evaluate options for getting out of the contract.
Learn more about Highlands NC real estate
Contact me, Lynn Kimball, today to learn more about selling a home in Highlands NC. I welcome the opportunity to update you on market conditions while sharing a complimentary listing presentation at the same time. Let my knowledge and experience serve as your guide to selling Highlands NC real estate.