I’ve accepted an offer. Can I cancel it to accept a better one?
09/23/2014 | Author: Legal Staff
I accepted an offer on my property, and the buyer and I signed the contract. But I just received a higher offer from another buyer. Can I cancel the first contract to accept the second one?
No. The written agreement you signed to sell your property to the first buyer is a legally binding contract. You and the buyer are subject to its terms, including penalties for default.
Although you can't cancel the first contract, you can accept the second offer as a back-up using the Texas Association of REALTORS® form Addendum for Back-Up Contract. You should not accept the second offer unless this addendum is part of the second offer. Otherwise, you may be obligated to sell to two different buyers. Ask your Texas REALTOR® for assistance handling this situation correctly.
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