Can I Get Out Of A Real Estate Contract?

There are several ways to get out of a real estate purchase contract in Florida, as outlined in the Florida Statutes. Here are a few options to consider:

Terminate the contract due to contingencies:

Many real estate purchase contracts include contingencies, which are conditions that must be met before the contract becomes binding. If you are unable to meet a contingency, such as obtaining a mortgage or completing a home inspection, you may be able to terminate the contract. According to Florida Statutes Section 689.02, a contract may be terminated if the party seeking to terminate the contract gives written notice to the other party within the time specified in the contract.

Negotiate an amendment to the contract:

If you are unable to meet a contingency but still want to move forward with the purchase, you may be able to negotiate an amendment to the contract with the seller. This could involve changing the terms of the contract, such as the closing date or the purchase price. Florida Statutes Section 689.02 also allows for contracts to be amended by mutual agreement of the parties.

Terminate the contract due to breach of contract:

If the seller breaches the contract, such as by failing to make necessary repairs or failing to disclose known defects, you may be able to terminate the contract. Under Florida Statutes Section 689.02, a contract may be terminated if one party fails to perform any obligation required by the contract.

Terminate the contract due to unforeseen circumstances:

In some cases, unforeseen circumstances, such as a natural disaster or a personal emergency, may make it impossible for you to complete the purchase. In these cases, you may be able to terminate the contract. According to Florida Statutes Section 689.02, a contract may be terminated if "performance is rendered impossible by the act of God or by any act of the public enemy, or by the act of either party."

If you are unable to get out of the contract through one of these methods, you may need to seek legal advice to determine your options. It is important to note that the process for terminating a real estate purchase contract in Florida can be complex and may involve legal consequences. It is always a good idea to consult with a real estate attorney before making any decisions.

Check out these links for more reading:
Florida's Laws & Regulations Regarding Real Estate Contracts
Use a Cancellation Notice or Release and Cancellation Form?
Confusion: Kick Out Clause vs. Right of First Refusal
Right of First Refusal: Can Sellers Cancel Contracts?