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I’ve accepted an offer. Can I cancel it to accept a better one?

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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.  

Have a question about buying, selling, or leasing property in Texas? Ask us. Not all submitted questions can be answered.

Categories: Sellers
Tags: sellers, terminate contract, backup offer, legal, forms

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Legal disclaimer

The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.

While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on Any legal or other information found here, on, or at other sites to which we link, should be verified before it is relied upon.

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