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can i get out ofselling my home after i sold it

Angie98 (11 months ago) - Vaughan, ON
(5 people answered this question)
  • Realtor Pro   (11 months ago)

    Yes, this is referred to as Sellers Remorse. The signed documents you have is legally binding so your best approach to get out must be honest and straightforward. Speak with your Realtor and explain the situation on how you feel and express your regret in having to do so. He will have to speak with the other Realtor who is representing the Buyers and then prepare a Mutual Release document which releases all parties from the transaction with no legal action to be taken. Sooner is better than later. Once you get this signed, your home will be back in your hands. Hopefully you are working with people who are willing to co-operate. Don't feel too bad about it as it is not uncommon. Hope I was helpful. Thank you.

     
  • Realtor Pro   (11 months ago)
    http://davidursino.com/ Sales Representative Royal LePage Your Community Realty Inc.

    Hi Angie
    This can sometimes be a tough situation. There's no straight yes or no answer. It really depends on the willingness of the other party (the buyers). If the buyers are agreeable to this, then they will sign a mutual release and the contract will be terminated. If on the other hand, they do not agree, then this will be a difficult situation. Considering the fact, that we're currently in a seller's market and the inventory is low, the buyers may very well want to complete the purchase and not break the contract.
    Speak with your lawyer about the repercussions involved.
    Good luck.

     
  • Realtor Pro   (11 months ago)

    Angie,
    The easiest way to get out of selling your property after you have entered into a binding contract is if the buyer(s) agree to sign a mutual release. Having said that, you should definably express your situation to your REALTOR® and have him speak to the buyers REALTOR® to see if the buyer(s) is willing to sign a mutual release. There is no simple way to approach this situation, speak to your lawyer as well and get his/her input on this.

     
  • Legal Pro   (11 months ago)
    http://www.carlsonlaw.ca/ Carlson Ng at Carlson Law, Ontario Real Estate Lawyer

    Angie,

    This depends on your situation. You should immediately bring this up with your agent so that your agent can speak to the buyer's agent and hopefully get a mutual release signed. Otherwise, you will have to honour your Agreement of Purchase and Sale and proceed to closing.

    Agreements of Purchase and Sale are also usually conditional, but are rarely contain conditions for the seller. So you have no "outs" there. If a buyer is going through the conditional period, the buyer may have also incurred costs such as home inspections, etc. You will likely have to pay those costs and more if you try to back out of the deal.

     
  • Realtor Pro   (11 months ago)

    I would suggest you read through the contract you have signed as you must first realize it is legal and binding. Speak to your REALTOR and/or Attorney to see how best you can approach the situation.

     
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