Buying a home can be an exciting but stressful experience. You may have enjoyed the adventure of trying to come across the perfect home at first, but after the weeks went by, you may have become more frustrated by not finding the home of your dreams. Then, just as you wanted to give up hope, you found the home you wanted.
Everything seemed to go well at first. You found the home, went through the various necessary pre-sale details and were ready to start the closing process. However, a call from your real estate agent informed you that the seller wanted to back out of the deal. Is that possible?
Reasons to back out
Unfortunately, even after the papers have been signed, a seller could back out of a real estate transaction. Though the possibility exists, it does not mean that a seller can choose to stop the transaction for just any reason. Typically, the agreement between the buyer and the seller includes stipulations under which the seller could back out without negative repercussions.
For example, if your agreement indicated that you, as the buyer, had to obtain financing by a certain date, but you did not, the seller could break the deal without consequence. Purchase agreements can break during the home inspection phase of the process as well. You may have found that the home needed multiple repairs before you could move in, but if the seller does not have an obligation to fix them, he or she can refuse. In that case, you may not want to move forward with the purchase.
If you have found the home of your dreams, carefully go over the purchase agreement. If the seller is trying to back out, but you cannot find a viable contingency in the agreement for that to happen, you may have reason to fight back. The law takes contractual agreements seriously, and the seller having cold feet or remorse may not be enough to break the deal.
Though your real estate agent may be able to shed some light on the issue, you may want to go further and contact a real estate attorney. This legal professional understands Louisiana real estate law and can help you determine whether the seller has breached the contract and whether you have options for moving forward with the purchase.