![]() ![]() Instead, a jilted buyer can sue for damages from the seller for breach of contract. Yet that doesn’t mean a buyer has to just let a flip-flopping seller walk away scot-free. Most buyers would probably let it go, says Gary Lucido, president of Chicago’s Lucid Realty. The problem with this route is it takes time and money for a buyer to enforce, and most home buyers don’t want to wait a few years to get into a new home while their cash deposit sits in escrow. It entails taking the seller to court and forcing the completion of the sale. This entitles buyers to force the seller to honor their obligations under the contract. That’s because in the laws governing real estate transactions, there’s something called a “specific performance” provision. When a home seller can’t back out of a saleīut aside from the above reasons, once a real estate transaction has a fully executed purchase agreement that’s past the five-day mark, it’s not that easy for a seller to flake out. Are there serious consequences if a seller reneges on a deal right before closing? “Most definitely,” says Denise Supplee, operations director of SparkRental. In essence, the seller forces the buyer’s hand, since constructive cancellation requires the buyer to either back off on the requests or back out of the deal, says Brian J. The thing is, sellers can always refuse-a move that could “constructively cancel” the real estate contract.
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