Is a real estate contract enforceable?
Yes, a real estate contract is an agreement between a buyer and a seller. Once both parties sign the agreement, it is binding. Many times a buyer will have contingencies or “exits” to a contract. Examples of this would be an inspection contingency, disclosure review contingency or a loan contingency. If the property has issues upon inspection, the seller’s disclose that there are issues that were previously unknown or your loan is rejected for whatever reason, a buyer can exit the contract. Sellers typically do not have any “outs”. Once a seller signs a real estate contract, they are selling.