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Contract Termination. When Can a Buyer and Seller Legally Call it Quits?

By
Services for Real Estate Pros with AnotherME, LLC

real estate contractI read a great article last week in the Realty Times about Contract Termination. I wanted to share this with you because I thought it was interesting and something that might help you in your business.

Bob Hunt, the author, discussed the uncertainty and misinformation among real estate agents about when a buyer and seller can legally terminate a contract.

He points out standard contracts have the clause “Time is of the essence”, an expected closing date and instructions for escrow deposits. All parties have time to meet these requirements and if they can’t, extensions can be negotiated.

However, he brings up a point worth thinking about. What happens if none of the parties meet the obligations of the contract even after extensions are allowed? Is the contract null and void?

Maybe, maybe not.

Read the entire article by Bob Hunt of RealtyTimes.com and let me know what your thoughts. Do you think this recent case in California is a viable lawsuit or a blatant waste of taxpayer dollars?

Photo courtesy of WordRidden

Comments (2)

Connie Harvey
Pilkerton Realtors - Brentwood, TN
Realtor - Nashville TN Real Estate

Patty, good article! Made my reservations today. Will see you on the 30th!

Feb 17, 2011 09:11 AM
Patty Keller
AnotherME, LLC - Atlanta, GA
AnotherMe - 770-414-9393 - RE Virtual Assistant

Thanks Connie!!  Looking forward to seeing you!

Feb 21, 2011 12:48 AM