QUESTION
Can I back out of a contract because the house caught on fire. I am the seller
Asked on Sep 24th, 2015 on Real Estate - California
More details to this question:
My house was for sale, we had cash offer which we accepted. There was a tenant issue and we couldn't close because it wasn't vacant. This was back in April. The house caught on fire. The buyers are going to see if they are still interested in it. Even if they are we no longer want to sell it as is, because the insurance will cover the fire and we can sell for more money. Can they sue us for breach of contract? Or because it caught on fire the contract is no longer binding.
1 ANSWER
Estate Litigation Attorney serving Redlands, CA
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Price Law Firm, APC
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Whether or not you can cancel the sale of the house will depend on the terms of the purchase agreement. Most likely, the contract is voidable by the buyer because the subject of the contract has been altered. But in a practical sense, the escrow won't close if you don't want it to.
Answered on Sep 26th, 2015 at 6:38 AM