Can a person change their mind after signing a purchase and sale agreement to buy land?

Answer 1

If your meaning you have signed a listing agreement with a real estate agent and you now don't want to sell...after the listing is in effect for a short time, maybe a few ads placed, sign up...but NO sales agreement: Legally, sure they can hold you to it...but frankly...in virtually all instances...they will let you off as a matter of good faith...possibly (although frequently not) asking you to (reasonably), reimburse them for the costs of getting a sign up and some other fees they had to pay, which should be fairly small like a few hundred (more if you required something like a custom brochure).

Normally, especially if you approach them holding out the promise that when it is time to sell you would only call them..refer friends, etc....they will just agree to not market it anymore now. (They may want to keep the listing itself in force, just to protect themselves if you do sell it in a month or so to someone...which could seem like you were trying to scam them out of a fee). In reality, they know they don't have much anymore ...working with an unwilling seller is hard...and you have the right to reject any offer you might get...that varies from the listing in any way (which they all do...mortgage/price/occupancy, etc.)...so they ain't going to earn anything and may alienate a buyer or at least...have one tough deal!

However, if you signed a sale agreement it may be different: Yes you can change your mind...does that mean you don't have to sell or at least compensate for your change...probably not.

Yes, you may legally be held to "specific performance" - that is actually doing what the contract says and selling the house - but in reality that is unlikely as it is a fairly big deal...and is normally only done when the buyer absolutely must have that specific property...and even more so in business deals.

More than likely you'll negotiate a result....perhaps paying all legal. mortgage fees the buyers have had, and something for their trouble...or additional moving/living costs...etc. As the real estate people have clearly done what you hired them to do....brought you a buyer....you would absolutely have to pay their commission...and they would likely prevail in court if they had to go that route..

Fairly clear I should think even from your view....the contracts (listing...sales...etc) are clearly big time important promises...and they probably don't have a "change of mind clause" for your benefit unless you put one in...that you'll owe those who acted and had costs, etc per your wishes of the contract at the time.

Just one more thing...in todays world of dropping real estate prices...it isn't impossible that the buyer actually wants out too...especially if he can replace it cheaper this month than when he signed....the contract can be ended by mutual agreement very easily.

Answer 2

If you have already signed the deed it is too late to make the buyer go away. If you have only signed a contract to sell the house you could refuse to go through with it. But this would leave you liable to a lawsuit for breach of contract, to compel you to sell, or, alternatively, for money damages the buyer can prove, such as extra money paid to buy a similar house, or rent while living somewhere looking for another house. Generally courts are reluctant to compel performance (making you sell), but real estate is "unique" and the exact equivalent is not to be had in the marketplace. Usually if the buyer wanted to, he could force you to go through with it. You could always try to buy it back.

Answer 3

That depends on the terms of the contract. The buyer may lose their deposit.

That depends on the terms of the contract. The buyer may lose their deposit.

That depends on the terms of the contract. The buyer may lose their deposit.

That depends on the terms of the contract. The buyer may lose their deposit.

Answer 4

You have signed a contract. Call your real estate agent immediately. They may be willing to work out a settlement with you that will let you avoid the sale.

Answer 5

That depends on the terms of the contract. The buyer may lose their deposit.