When to relist when a deal falls apart

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02/12/2015 | Author: Editorial Staff

My seller’s contract didn’t close by the date specified in the contract. He and the buyer blame each other, and both want the earnest money. The contract hasn’t been terminated yet, but my client wants to put the property back on the market. What should I do?

Have your client talk to an attorney about the legal liabilities of proceeding with a sale without the termination of the original contract. Remember, there are two ways to formally terminate a contract:

  • The parties can agree to terminate and sign a document like Release of Earnest Money (TAR 1904) that releases both parties from further obligations under the contract.
  • A judge can order a contract termination.

Get more answers to legal questions on texasrealestate.com.

Categories: Legal
Tags: legal faq, sellers, contracts

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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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