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How to Cancel a Real Estate Contract

How to Cancel a Real Estate Contract PhotoJust like any other financial issues, cancelling a real estate contract also has its own myths. Because of this, many individuals are stuck on the wrong paths. But what is the reality about real estate contract cancellation, anyway? Is it truly possible? Are you required to spend a lot just to pull it off?

There are tons of questions arising from time to time; it’s best if you’ll read along and answer all these questions and more. With it, you’ll surely be far from any myth.

Is it possible?

Yes, cancelling a real estate contract is decidedly much possible. However, you should be able to pinpoint the main reasons why and be sure that your reasoning is right. Put yourself in the agent’s shoes and try to scrutinize if your decision to end the contract immediately is fair for both parties.

Discuss your reason

Now that, you know it’s possible, the next step would be to make an in depth discussion about your decision. Whatever reason you have, you should be more than willing to discuss it with your agent. Because he is your partner or assistant in selling a house, she has all the rights to know why you want to end the contract.

Just like what’s mentioned in the first step, you should first ensure that your decision and reasons are fair.

Review the contract

Afterwards, you should review your contract and locate the clause that states the ways for you to get out of it. With this guide, it would be easier for you and for the agent to settle things out. However, if your contract has no particular clause that talks about termination, you can consult a lawyer whose expertise revolves around contracts.

Cite some violations

If your agent violated any rules, then it would be easier for you to break the contract legally. Be sure to cite any violations of neglect of duties during the discussion to let your agent know his mistakes. You should also ensure that it genuinely is an act of negligence and not a typical reasoning.

Some experts claim that neglect and violation are often used as reasons, to end a contract, but after further studies, it turned out that the agent didn’t do any of the two accusations.

Seek help from the court

If your agent doesn’t seem to cooperate, your last option is to seek help from the court. Look for a lawyer and consult your case. Keep in mind that once the court proceeding started, there’s no backing out. You should be prepared with all the expenses and the stress brought by dealing with a case. Although it’s quite rare, such instances can truly happen.

Even before, you enter the real estate world, you should be knowledgeable of issues like this. Regardless of your main reason for wanting to end the contract, it’s your prerogative to ensure that your agent gets all what he needs. Your reason should also have supporting notes to prove that you’re on the right side.