Unilateral termination of real estate purchase agreement

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BROKER CORNER

Termination and Relisting A Property After A Buyer’s Breach

​Sellers are always anxious to get their property back on the market after it looks like the buyer won’t be closing. So long as the purchase agreement is properly terminated, the property can be relisted. Watch for these issues to be certain that termination is proper. If so, and the Seller terminates by a Unilateral Termination, the Seller can immediately relist. An improper termination could open the Seller to liability.

It is important to understand the differences between a breach of contract, an anticipatory breach of contract and a non-breach of the contract. Here are some common situations.

1. The Buyer did not show up for closing. Can the Seller terminate and relist?

1. The Buyers say they are probably not going to close on the date set for closing. What if the buyers say that are not going to close?

So, if the buyer says he is probably not going to close, the Buyer has not breached the agreement and the Seller cannot terminate. But if the Buyer says he is not going to close, he has breached the agreement and the Seller can terminate.

1. What if a buyer is denied a loan?