Backing out of agreement

[Murali]

HI,

I have the following situation and needed advices. I had a site to sell; found a buyer through an agent; agreed on a price; buyer paid token advance of 5K; no paper agreement - just 5K and verbal. this was about 2 weeks; currently the buyer is getting the papers verified and getting the legal opinion. if everything goes well, he may try to register it next week. Now, I have a personal situation where I do not want to sell the site. I may decide to sell the site after some time but now i do not want to.

what are the options for me to back out?

thanks.

[msn1270]

What were you doing these two weeks & what made you to change your decision ? Since you have not made any written agreement, just missed. From next time, think twice & judicious before making any decision. It should not affect other party in terms of time, money & efforts.

One option is Directly talk to the buyer about your situation and the reason(if Genuine), convince him and refund the token advance.

[Murali]

Thanks MSN.

reason is that my wife for some reason dead against selling the site at this point (though the site is in my name and not hers). she did not realize i was serious earlier. now, problem is that i dont know if i can give this reason to the buyer since it looks very silly but it is true.

[vsathishmybda]

Its still your site. You need not oblige for anything and everything in this world.
You inform the buyer that owing to some unprecedented reason you cannot sell the site.
Do not forget to give back his token advance. If the buyer had spent some incidental charges towards purchase of the site(Lawyer fees / getting ECs / Xerox cost etc.), then its ethical to pay him back the same.

Not having a agreement is in your favor anyways.

Just do not bother to noise made by agent if any.

Sometimes in life we need to learn to tell NO instead of obliging.

[bda.officer]

Hi Mr Murali,

Don't worry yaar, site is your's, you have all the original documents...just call your agent and tell i don't want to sell my plot...
never try to convience the agents by telling all your problems and personal reason....because they will miss use your goodness...

Give 5K back and give another 1k directly to the owner not agent for his expenditure of EC...or legal fees to verify ur documents. that's it.

One good advice to you all is never go behind agents...because of agents and middle man, middle class people are not able live good life here.
u all educated, put advertisement in paper / mybdasites.com and sell it directly to the owners...
don't loose patience and don't run behind money too much...Hope you understood.

Good luck

[tvsh]

It does not matter what your reason is, you are being unfair to both the broker and the buyer. you have not given anything in writing, hence legally there is no binding on you to sell the site. However, owing to the efforts of both the broker and the buyer, the backing out will not be smooth, if you are not dealing with decent people. So be prepared for arm twisting.

[BlrSite]

Hi Murali,
Well I agree with MSN and others.

First, put yourself in buyers shoe and see what you will do for the situation. He might spent some money and time to verify the documents and other misc expenses.
Talk to the buyer directly and compensate something. DO NOT GO WITH AGENTS NEXT TIME. Sell your site or buy from directly owners.

Thanks,

[m3_07]

Dear Murali...you are being too sensitive about the issue. As they say the property is yours & even if there is a agreement that you will sell, there are a million reasons to back out, starting from not liking the nose of the buyer & also his height.

PS: If there is a conditional refundable deposit, you may have to pay. Else, you are not bound by any anyone for the efforts put in.

Live cool & have fun !!

[blrsiteseeker]

Remember "what goes around, comes around". So if you ignore the efforts and frustration of the buyer and just don't care to compensate him back for it, you may feel you saved a few bucks, but when you go to sell your property the next time, the karma could come back to haunt you and you may end up with a buyer that could give you all kinds of problems.

Like someone said, put yourself in the place of the buyer and see what you would expect in such a situation, be fair and do the reasonable thing.

[hvc]

Ha ha ha ... you are really scaring murali....
Karma is not applicable for Real estate deals . If in case it applicable then majority agents and builders will have haunting nights