Real Estate
Commercial Real Estate Purchase Contract
Texas
Can the seller of a commercial property back out of a purchase contract after signing it?
I am in the process of purchasing a commercial property and have signed a purchase contract with the seller. However, the seller has recently expressed doubts about selling the property and has hinted at the possibility of backing out of the contract. I have already invested time and resources into the due diligence process and securing financing, and I am concerned about the potential consequences if the seller decides not to proceed with the sale. I would like to know if the seller has the legal right to back out of the contract after signing it, and if so, what recourse do I have in such a situation?
Answers from 1 Lawyer
Answer
Real Estate
Texas
Jennifer B.
ContractsCounsel verified
Generally, the seller cannot legally back out of a properly executed purchase agreement where both parties have signed and acceptance has been communicated. Texas courts have consistently held that unilateral rescission by the seller is not permissible without proper cause and procedure, and attempting to do so would constitute a breach of contract subject to legal remedies. The contract itself may include the penalties for the seller failing to follow through on the sale. You, as the buyer, have multiple avenues for relief, including specific performance, termination and recovery of earnest money, and monetary damages, depending on the circumstances of the breach and the terms of the contract.
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