Seller looking to cancel a contract

[Sam Sams]

Seller looking to cancel a contract

 Hi All I entered a contract to sell a house in New Jersey there is a tenant with first right of refusal and we are waiting for his response to buy or waive his right, 

I got cold feet on selling all together and looking to cancel the contract can I in this stage still do so,

Any response will help.

Thanks.

[Solomon Rodgers]

I'm not a lawyer and this isn't legal advice, just my two cents.  Technically, no.  You signed a contract and you gave him a certain time period to perform.  As long as they can perform within the time period, you are contractually obligated to sell or they can sue you for breach of contract.  But I would talk to the person your in contract to sell it to. Give them your reason for wanting to back out of the contract.  They want to work with you and make it easy for you.  Give them a chance to make it a win-win situation for everyone.