trying to terminate without being sued

What is the name of your state? georgia
We signed a contract to sell our house but changed our minds(due to my medical condition we will be staying in our house) and advised the buyers the next day. They agreed and have put a contract on another house. We signed the Termination and Release agreement so the buyers could get their earnest money back and be freed from our contract. They however signed but crossed throught the section that states in consideration for return of earnest money both parties are dismissed from suits etc. They wanted us to sign next to that crossed out paragraph. We want to give them their earnest money and terminate the agreement because they will be closing on the other house soon but do not want to open ourselves up for a lawsuit. How should we proceed? If the buyers have another house and everything on our house was canceled before any monies were paid out for appraisals etc why would they want to leave us open to be sued? What for? Please advise

[HomeGuru]

Originally posted by why-man5
What is the name of your state? georgia
We signed a contract to sell our house but changed our minds(due to my medical condition we will be staying in our house) and advised the buyers the next day. They agreed and have put a contract on another house. We signed the Termination and Release agreement so the buyers could get their earnest money back and be freed from our contract. They however signed but crossed throught the section that states in consideration for return of earnest money both parties are dismissed from suits etc. They wanted us to sign next to that crossed out paragraph. We want to give them their earnest money and terminate the agreement because they will be closing on the other house soon but do not want to open ourselves up for a lawsuit. How should we proceed? If the buyers have another house and everything on our house was canceled before any monies were paid out for appraisals etc why would they want to leave us open to be sued? What for? Please advise

**A: and what does your real estate agent say?

Our real estate agent told us that we could choose to resend the original termination agreement as it was originally sent without the block marked out and eventually the contract would die a natural death if we keep going back and forth. If it does die a natural death are all obligations canceled? I want them to get their earnest money back asap because they are trying to close on another house. Once the contract with us is over will they be able to sue?

[HomeGuru]

[quote]Originally posted by why-man5
[b]Our real estate agent told us that we could choose to resend the original termination agreement as it was originally sent without the block marked out and eventually the contract would die a natural death if we keep going back and forth.

**A: I agree with the first part but as far as the natural death, your agent must read the contract again.
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If it does die a natural death are all obligations canceled?
**A: no. You must terminate the contract.
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I want them to get their earnest money back asap because they are trying to close on another house. Once the contract with us is over will they be able to sue?

**A: what do you mean "is over?" The contract must be terminated and agreed to by both parties. If not, you are exposed to a specifc performance type lawsuit by the Buyer's in which they could ask for damages.

It seems as though we are in a lose/lose situation. The only way the buyer will sign the termination agreement is to mark out the paragraph which cancels liability for both sides. If we want him to keep that paragraph in he won't sign the agreement thus opening us up for liability. If we sign the agreement with the paragraph blocked out does this terminate the sale contract, even though I realize we can still be sued (for what I am not sure since the buyers were advised before any monies were paid for apps, appraisals etc)

[HomeGuru]

Originally posted by why-man5
It seems as though we are in a lose/lose situation. The only way the buyer will sign the termination agreement is to mark out the paragraph which cancels liability for both sides. If we want him to keep that paragraph in he won't sign the agreement thus opening us up for liability. If we sign the agreement with the paragraph blocked out does this terminate the sale contract, even though I realize we can still be sued (for what I am not sure since the buyers were advised before any monies were paid for apps, appraisals etc)

**A: why do I feel like we're going round and round on this issue?
Read my previous response, specifically my last 2 sentences.

[HomeGuru]

[quote][i]Originally posted by HomeGuru

**A: The contract must be terminated and agreed to by both parties. If not, you are exposed to a specifc performance type lawsuit by the Buyer's in which they could ask for damages.

Thank you, I think I managed to get the message this time.

[HomeGuru]

Originally posted by why-man5
Thank you, I think I managed to get the message this time.

**A: ok. Read your contract and pick up one contingency (or more) that the Buyer failed to perform on and then you as the Seller terminate the contract based on the Buyer's non-performance.

**A: The contract must be terminated and agreed to by both parties. If not, you are exposed to a specifc performance type lawsuit by the Buyer's in which they could ask for damages.

**A: ok. Read your contract and pick up one contingency (or more) that the Buyer failed to perform on and then you as the Seller terminate the contract based on the Buyer's non-performance.


So are you saying a contract CAN be terminated without BOTH parties agreement?
What if there is no proof of the Buyer's lack of performance,
can the Seller's word just be taken as truth in that case?
Doesn't seem like getting out of a signed contract should be that easy, otherwise what's the point of one in the first place? How specific does a non-performance claim have to be to terminate a contract?

[HomeGuru]

[quote]Originally posted by SEO
[b]**A: The contract must be terminated and agreed to by both parties. If not, you are exposed to a specifc performance type lawsuit by the Buyer's in which they could ask for damages.

**A: ok. Read your contract and pick up one contingency (or more) that the Buyer failed to perform on and then you as the Seller terminate the contract based on the Buyer's non-performance.


So are you saying a contract CAN be terminated without BOTH parties agreement?

**A: no, and where are you getting that from?
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What if there is no proof of the Buyer's lack of performance,

**A: what are you talking about no proof? The proof would be failure to perform or remove at least one contingency.
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can the Seller's word just be taken as truth in that case?

**A: no, because everything must be in writing.
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Doesn't seem like getting out of a signed contract should be that easy, otherwise what's the point of one in the first place?

**A: apparently you do not understand how continegencies work in a real estate purchse and sales contract.
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How specific does a non-performance claim have to be to terminate a contract?

**A: specific enough to state the specifc contingency and that it was not removed by the specified date, thus the reason for contract termination.

But what if the Buyer disputes the non-performance (it's not always black and white on some issues),are you saying the seller has the right to terminate the contract regardless of if the buyer agrees or not in that case? Or do you have to go to court at that point?

I didn't understand contingencies before,
but I just read the FAQ...

[HomeGuru]

[quote]Originally posted by SEO
[b]But what if the Buyer disputes the non-performance (it's not always black and white on some issues),are you saying the seller has the right to terminate the contract regardless of if the buyer agrees or not in that case?

**A: no, that's not what I am saying.
*****
Or do you have to go to court at that point?

**A: either court or ADR.
******
I didn't understand contingencies before,
but I just read the FAQ...

**A: ok, good.

Just to update everyone on this situation, the buyers have signed the Termination agreement, they still however have crossed out the paragraph regarding not suing etc. We have not initialled this crossing through. The termination however still stands in that both partied have agreed to terminate but the buyers are not waiving their rights to sue. We have determined that the reason for this is because they feel we owe them monies for flights and hotels etc to find a house. (by the way, costs related to house hunting both BEFORE our contract and AFTER). At least we no longer have to worry that they will sue to have the sale of our house performed. Thank you for previous advice given.

[HomeGuru]

Originally posted by why-man5
Just to update everyone on this situation, the buyers have signed the Termination agreement, they still however have crossed out the paragraph regarding not suing etc. We have not initialled this crossing through. The termination however still stands in that both partied have agreed to terminate but the buyers are not waiving their rights to sue. We have determined that the reason for this is because they feel we owe them monies for flights and hotels etc to find a house. (by the way, costs related to house hunting both BEFORE our contract and AFTER). At least we no longer have to worry that they will sue to have the sale of our house performed. Thank you for previous advice given.

**A: ok, that's a step in the right direction.