Some Highlights: Donâ€™t forget to set your clocks forward this Sunday, March 8 at 2:00 AM EST in observance of Daylight Saving Time, unless youâ€™re a resident of Arizona or Hawaii!
If A Seller Gets Cold Feet Can He Back Out Of The Deal
If a seller gets cold feet, can he back out of the deal?
Question: I accepted an offer on my house two days ago, but Iâ€™m worried that I wonâ€™t be able to find a new home. Iâ€™ve decided to stay put. How can I get out of this deal?
Answer: If using the Texas Real Estate Commission or Texas Association of REALTORSÂ® contracts, sellers generally never have a right to terminate a contract once itâ€™s been executed. The only right a seller has to terminate is when a buyer is in default. Under Paragraph 15 of both the TREC and TAR contracts (the Default paragraph), one of the options a seller can take if the buyer is in default is to terminate the contract and keep the earnest money.
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