Can the Seller Cancel the Contract?

Posted by Eve Alexander on Monday, September 26, 2022 at 4:03 PM By Eve Alexander / September 26, 2022 Comment

Can the Seller Cancel the Contract?

This is a question that buyers often worry about when they first go to contract.They worry that the seller can do something to kick them out of the deal.

Here are a couple of buyer concerns after the buyers offers gets accepted:

Q: Can the seller take another offer and kick the buyer to the curb?

A: Some home buyers think that once the seller accepts their offer, that the seller can still look for and take a better offer…not so. The seller is bound to the first written contract that they sign.

Q. If the buyers ask the seller to fix some items after inspections, can the seller just cancel the contract?

A. No. Asking for a concession does not void the contract. Buyer can ask and the seller can refuse. If the seller refuses to fix it, that is not an automatic cancellation of the contract. Only the buyer has the option to cancel the contract.

Q. If Buyer is a few days late to close, does that mean the contract drops dead?

A. Not necessarily, it depends upon why the delay and who caused the problem. If the buyer is running tight on any contingency requirements, it is always best to get an extension before the deadline.

Don’t worry about the seller. A BUYER typically has several contingencies where the BUYER can get out of the contract:

Inspection contingency, financing contingency, appraisal contingency and then there might be other contingencies…a contingency that the buyer can build a fence around the property. A contingency that the lot is big enough to put in a pool etc.

Can the Seller Cancel the Contract?