I have signed a contact to sell my house. Because a job fell through in the province we would move to, is there anyway to get out of the contact?

[QUOTE=chrissy2]I have signed a contact to sell my house. Because a job fell through in the province we would move to, is there anyway to get out of the contact? I really need some help on this.]

Have you just signed a listing agreement with a realtor, or have you signed a sales contract with a buyer?

If you have just signed a listing agreement (no buyer yet) you should be able to pull the house off the market by informing your listing agent. If you have signed a sales contract with a buyer... that's a bigger problem.

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I have signed a contact with a buyer, what can I do? I can't afford to be sued.

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We like to keep all follow-up questions within the same thread, not through PMs so anyone can offer advice and so others with a similar problem can get information, so I've moved your question here.

Since you've signed a contract with a buyer you need to read the sales contract very carefully to see if there is a clause which allows you to cancel within a specific time (don't count on it). Contact your agent and let him/her know of your problem and ask what you are able to do. It's possible the buyers will be willing to back out of the deal, but not likely. You can hope the buyer doesn't get financing, or is otherwise unable to complete the contract, but don't count on that either. Really this all depends on the laws in your area, and your agent or broker will be the best person to consult with (unless someone else here knows what to do) as they should be familiar with this sort of thing. Keep in mind it might be possible you have to go through with the deal or risk being sued.

Hello chrissy:

There is some middle ground here. Even though there may not be provisions for it in your contract, you can certainly offer the buyers a cash settlement to back away from the deal.

Yes, it's going to cost you something. But spending a few bucks NOW is better than having to move when you don't want to, or getting sued.

excon