When can I put my house back on the market after a contract falls through?
04/19/2016 | Author: Legal Staff
A buyer and I used TREC’s One to Four Family Residential Contract (Resale) for the sale of my home, but the sale didn’t close by the date in the contract. While the buyer and I figure out how to terminate the contract—and who gets the earnest money—can I put the house back on the market? I want to sell it, not waste weeks while we consult our attorneys.
You should talk to an attorney first about the legal liabilities of proceeding with a sale without terminating the original contract.
In this situation, there are two ways to formally terminate the contract:
- The parties can agree to terminate and sign a document that releases both parties from further obligations under the contract. If you are working with a Texas REALTOR®, he or she can use TAR’s Release of Earnest Money form to accomplish this.
- A judge can order the contract terminated.
Your primary goal should be formal termination of the contract. This ensures you can sell the property to someone else without risking a lawsuit that could stop a subsequent sale of the property.
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