Capital Gains and Losses
Questions and comments about tax rules for buying and selling stocks, mutual funds, real estate and other assets.
Sale of Real Estate
Posted by: Bill18163, October 6, 2017 11:56PM
I have a house for sale and I am selling it myself. No real estate firms are involved. I have a signed sales agreement between myself and the other party but we have not had a closing yet. Can I change my mind and back out of the deal since we have not had a closing yet? What cost's would I be responsible for if that is possible?

Re: Sale of Real Estate
Posted by: DeeDee, October 7, 2017 05:03AM
A signed sales agreement is a contract with or without a real estate firm involved. You are subject to legal action by the buyer should you not abide by your sales contract. Unless, of course, your buyer is willing to have you back out. Otherwise you should probably consult with a real estate attorney.

Re: Sale of Real Estate
Posted by: Sven, October 9, 2017 09:58PM
If you buy a United Airlines ticket on Expedia can UAL decide anytime before the plane takes off that you
no longer have a seat on the flight?

Uhhh. Hmmmm. Wait a minute....That may not be the best example on earth.

Re: Sale of Real Estate
Posted by: Drewremedy, October 10, 2017 01:08AM
Most well crafted sales contracts spell out the options for each side if other fails to move forward ...read yours?



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