breach of contract liability

[ghosie]

I am under contract to sell my house, closing on Feb 18. I have changed my mind and do not want to sell at this time. What liability (with buyer and agents) would I be facing if I breached the contract? Would I have to pay for their costs incurred for inspections, etc, out of pocket or would a lien be placed on the home and would there be any other costs? I also think that the buyer gave notice to their landlord to move. Would I have any costs related to that? Also should I let my agent know or just not show up for closing? I haven't decided what to do but I am leaning not to sell. Please help in any way you can.

 

[dee_dub]

You might not get out of it; they might sue for specific performance and you would be forced to fulfill the contract.

If not, you would certainly be subject to damages. The realtors commissions, their out of pocket expenses and cost of them finding alternate housing for sure. Maybe other damages.

You should absolutely let your agent know, because they might talk some sense into you. Why would you not sell?