Once an offer has been accepted, there are only two ways that transaction can be cancelled. If it is a conditional offer, the Buyers may not waive or fulfill the conditions. Once the offer is firm, only a mutual release signed by both parties and the real estate brokerages that represent them can cancel the transaction.
If either party has remorse after the transaction has firmed up, it is essential for each party to engage their lawyers to get the proper legal advice on how to move forward. The party still that still wants to close the transaction-in this instance the buyer-may have already sold their own home, or at least incurred costs to prepare to sell. The buyer may choose to sue for damages incurred. The real estate brokerages can also rightfully expect that both parties close the transaction, and expect that their fees be paid.
Here is a great article from Toronto real estate lawyer Mark Weisleder that provides very good detail.
If you or someone you know has a real estate question or need, don’t hesitate to contact me. I’m here to help.
The Blair Zilkey Team-Insightful Advice, Leading Edge Implementation.