If i pull out of a texas real estate contract after the option period, but before closing, do I lose only my earnest or can i

Asked almost 2 years ago - Austin, TX

also be sued for specific performance on the contract?

Attorney answers (3)

  1. John R. Bonica

    Pro

    Contributor Level 13

    3

    Lawyers agree

    Answered . It depends on what the contract says. The remedy of specific performance is generally available to either the purchaser or the seller upon breach of a contract for the sale of real property. The Texas Real Estate Commission One To Four Family Residential Contract provides that either the Seller or the Buyer may enforce specific performance but the contract can be modified to remove the remedy of specific performance. You need to look to the terms of your contract.

    Legal disclaimer: John Bonica is licensed to practice law only in Texas. His response is not legal advice and... more
  2. Daniel O'Brien

    Pro

    Contributor Level 12

    3

    Lawyers agree

    Answered . If you had a financing addendum or title commitment objections, you may have an excuse not to close or pay the earnest money. You need to make sure that you meet all of your deadlines. Talk to an attorney. Most agents don't understand some of the issues and all want you to close so they get paid.

    This post is for discussion purposes only and is not intended as legal advice. This post does not create an... more
  3. Michael T Millar

    Pro

    Contributor Level 19

    Answered . I agree with Mr. Bonica - it depends on what the contract says.

    If this answer was helpful, please mark it as helpful or as a best answer. This answer is for general education... more

Related Topics

Buyer's rights in property sales

Property buyers are granted certain buyer's rights, which include things like getting accurate information about the property and choosing your own lender.

Real estate buy and sell agreements

A buy and sell agreement is a binding contract outlining the terms under which ownership of a piece of property will be transferred from the seller to a buyer.

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

19,413 answers this week

2,550 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

19,413 answers this week

2,550 attorneys answering