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When can I put my house back on the market after a contract falls through?

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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.

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

Categories: Buyers, Sellers, Homeowners
Tags: forms, contract, buyers, sellers, legal

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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 texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.

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