Just because you’ve signed a real estate deal does not mean that you will be forced to close on it. There are many circumstances in which your real estate deal might not feel good anymore, and — in a tactful and respectful way — you always have the right to say, “no.”
The thing is, if you haven’t drafted your real estate contract the right way, and with the right kind of contingencies, you might suffer significant financial harm by backing out of your deal. This is why Colorado real estate purchasers may want to enter into their real estate purchase contracts with the assistance of an attorney who can advise them on the appropriate way to draft their deal.
In terms of a valid reason for backing out of your deal, you should not concern yourself with this as much as you should concern yourself with the fact that this is a transaction that involves hundreds of thousands of dollars. If the transaction doesn’t feel good for any reason — perhaps you have cold feet or you found a better opportunity somewhere else — it’s okay to say no. Everyone is susceptible to changing their minds and no one should feel bad or wrong because of this.
When you know you want to cancel a real estate deal, it’s important to know the consequences. By discussing your situation with a Colorado real estate attorney, you can review the potential consequences of your decision and how to minimize them so that you and your family don’t suffer significant financial harm.
Source: US News: Real Estate, “How to Tactfully Back Out of a Real Estate Deal,” accessed Nov. 17, 2017