Selling a house is a huge happening for many people but personal circumstances can of course change so quickly. With such a significant deal in the offing it can be incredibly inconvenient when a detail, however big or small, threatens to scupper the agreement. There are however many reasons why you may want to back out of selling your house. Often there are a number of people who are involved and valuations can naturally differ from one individual to another.
As either the seller or the buyer you could be locked in a scenario in which a sale you are trying to make impacts massively on the property you are trying to purchase. When there is a chain like this it leaves much more margin for error and it is understandable for the seller to want to complete a deal with whoever makes the highest offer.
The exchange of contracts is the crucial phase and the legal settlement. You have the right to back out of the sale at any point prior to this but not after the contracts have been signed. If you make an attempt to cancel after the sale then you can be sued by the buyer and it is likely to be a costly process for you.