Breaking A Real Estate Contract
Ask the Real Estate Lawyer: Real Estate Law Q&A
REM #LAW 734
By Ilyce R. Glink and Samuel J. Tamkin
Summary: A ThinkGlink reader signed a contract
to sell his land but would now like to back out of the deal. Ilyce explains
that once you sign a document, even if you didn't understand it, you are obligated
to fulfill the deal.
Q: I recently signed a contract to sell some land that I own. Since that time,
I discovered a clause in the contract that was not explained to me by my Realtor.
Can I break this contract and not sell my property to this buyer.
(article continues below useful links)
A: You have a duty to understand what you are signing. Realtors are real estate
brokers and salespeople, but they are not attorneys. In many states, attorneys
are not used in real estate purchases. In those states that don’t use
attorneys, many Realtors do an outstanding job explaining documentation to buyers.
It seems that you are in a state that doesn’t use real estate attorneys.
Unfortunately, your Realtor’s “failure” to explain information
contained in your purchase and sale agreement does not excuse you from your
obligation to honor its terms.
Please consult with a local real estate attorney for more details.
Samuel J. Tamkin is a Chicago-based real estate attorney. Ilyce
R. Glink’s latest book is 50 Simple Steps You Can Take To Sell Your
Home Faster and For More Money In Any Market. If you have questions for
them, write: Real Estate Matters Syndicate, PO Box 366, Glencoe, IL 60022
or contact them through Ilyce’s website www.thinkglink.com