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Real Estate ArticlesBacking Out of a Contract in Kansas
Be prepared when entering into a real estate deal in Kansas. Buying a home is stressful enough without worrying about the possibility of having to take the seller to court. What if the seller has accepted your negotiated offer and has now backed out of the contract? The language in most Kansas real estate contracts is specifically designed to protect the buyer. Once you and the seller have signed the contract, neither party can back out without consequences. But there are contracts that have clauses that allow the seller, or buyer, to cancel if certain conditions are not met. The contract can be written and your offer presented contingent upon you being approved for a mortgage or pending an acceptable home inspection. Should your financing not be approved or a home inspector finds electrical or other problems, these clauses get you out of the deal without penalty. A seller in Kansas can also include similar clauses that will allow them to back out if certain conditions are not met. An example might be when the home is part of an estate sale and the sale must be approved not only by you but other family members. If another family member does not agree to the sale price, the seller could cancel the sale. When the seller attempts to get out of a contract that does not include specific conditions, the buyer may be able to sue for financial damages. The specific consequences will depend on the terms of the contract and is based on state laws. In general, however, a seller is not able to cancel the contract simply based on a change of heart. In this case the buyer may be able to get the court to order the seller to fulfill the full terms of the contract. The best advice for Kansans is to work with your real estate agent and a real estate lawyer before you sign the contract. If you wind up in this situation after the fact, contact a lawyer immediately to determine your options.
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