What Are My Rights When Selling Property Under Contract?

Question from Bnn, What Are My Rights When Selling Property Under Contract?

Answer from AI:

When you have a property under contract and the contract allows you to post it on the Multiple Listing Service (MLS) and access the property within 48 hours, you generally have the right to do so. However, disputes can arise, especially if the seller becomes upset upon seeing the potential profit you might make. Here’s a general explanation of your rights and what steps you might take.

Understanding Your Contractual Rights

The contract you have with the seller is the primary document that outlines your rights and obligations. Here are some key points to consider:

• Posting on MLS: If your contract explicitly states that you are allowed to post the property on MLS, you have the right to do so. This is often included in contracts to help facilitate the sale.
• Access to Property: The contract should also specify your right to access the property within a certain timeframe, in this case, 48 hours. This is typically to allow for inspections, appraisals, or showings.

Seller’s Reaction to Your Profit

The seller’s reaction to your potential profit does not generally affect your contractual rights. However, it can lead to disputes. Here’s what you can do:

1. Review the Contract: Carefully review the terms of your contract to ensure you are within your rights.
2. Communicate with the Seller: Try to have a calm and professional conversation with the seller to address their concerns.
3. Seek Mediation: If the dispute escalates, consider mediation as a way to resolve the issue without going to court.

Legal Considerations

In the United States, contract law governs these types of agreements. Here are some general legal principles:

• Good Faith and Fair Dealing: Both parties are expected to act in good faith and deal fairly with each other.
• Specific Performance: If the seller tries to back out of the contract, you may have the right to seek specific performance, which is a court order requiring the seller to fulfill their contractual obligations.
• Damages: If the seller breaches the contract, you may be entitled to damages, which are monetary compensation for any losses you incur.

When to Seek Legal Advice

If the situation becomes contentious or if you are unsure about your rights, it is advisable to consult with a legal professional. A real estate attorney can provide personalized advice based on the specifics of your contract and jurisdiction.

Resources for Further Information

For more detailed information, you can refer to the following resources:

• Cornell Law School – Contract Law
• American Bar Association – Real Estate Law

Remember, while this information provides a general overview, it is not a substitute for professional legal advice. Always consult with a qualified attorney for issues specific to your situation.