Your Legal Questions Answered
Can I back out a contract I am seller
Without more information, it is impossible to determine if you can back out of your contract. An attorney would need to fully understand your contract and your unique facts. You should contact an attorney as soon as possible to discuss your options. Generally, in Colorado, a seller can back out of a residential purchase and sale contract if the buyer fails to remove the sale contingency within the contractually specified time period C.R.S. 6-1-1113. In most cases, a seller cannot back out of a contract simply because they receive a higher offer, if they have already entered into a binding purchase contract with another buyer. But if the first contract contains a contingency allowing the seller to accept other offers, the seller may be able to back out upon accepting a higher offer Stortroen v. Beneficial Finance Co., 736 P.2d 391.
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The foregoing information is general information only and should not be relied upon to take, or fail to take, legal action. No attorney-client relationship is formed by this information. __The only manner to obtain complete and adequate legal advice is to consult with an attorney.__
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