It is more difficult for the seller to get out of a signed contract than the buyer because if the buyer has competent counsel, their lawyer will include provisions which allow the buyer to terminate the agreement under certain circumstances related to due diligence and financing.
Read MoreA "Time is of the Essence (TIOTE)" clause refers to a clause that can be included at the time of real estate purchase agreements. This clause can come up when one is selling or buying property or working with contractors to build a piece of property and needs a contract.
Read MoreBuying real estate can be a good, revenue generating, investment.
But what happens if, after you sign on the dotted line, doubts creep in and you change your mind and you want to back out of the deal?
Is it even possible? What are the legal implications?
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