Meaning we've deposited the money in escrow we've signed all the contracts the buyer has done everything that they supposed too. Now the seller comes back and wants to change things. Is it possiable they can pull out?
2006-09-20 14:11:07 · 10 answers · asked by angie 1 in Business & Finance ➔ Small Business
Depends on how the contract reads. for example. I had contracts signed, down payment was made , loan was in place, we did everything the buyers wanted.
then the next day, they faxed a letter stating, uh we want our down payment back, cuz we put money down on anothetr home we like better. **** that scared me, so i went to my broker & she said, the only way they could back out is if seller agreed, but they would lose their down payment and still have to pay the commission. hope this helps. good luck... to me it is not a done deal until they sign at closing and u see them there signing.
2006-09-20 14:15:48 · answer #1 · answered by gowestgurl 2 · 0⤊ 0⤋
A seller can not legally recind a contract unilaterally. In other words, they can not back out of the deal without your agreement. If they attempt to back out of a sale, the Buyer has the right to demand a closing, and force the sale of property under law. This is unlike if a buyer backs out, because a Seller can not force a buyer to buy the property, instead they keep the deposit. The foregoing is standard practice, but remember, the Agreement is controlling so check the Agreement and contact an attorney.
2006-09-20 21:22:17 · answer #2 · answered by sox09 2 · 0⤊ 0⤋
When the seller reneges, I think the Realtor can actually collect the commissions and a penalty is paid to the prospective buyer. The deposit is returned.
You need to check with the Realtor, and the contract. Something to that effect should be there.
Usually the seller changes their mind when they realize that.
2006-09-20 21:20:05 · answer #3 · answered by ed 7 · 0⤊ 0⤋
They can try. You could make a fuss but long story short the seller would probably win. If you encountered problems due to the sellers change of mind you could sue for "Specific Performance" ask your lawyer about that one.
2006-09-20 21:28:31 · answer #4 · answered by d b 3 · 0⤊ 0⤋
It happens sometimes. You will get your deposit back and you can request the seller to pay or sue the seller to pay for any damage you have suffered because of his action. I'm only talking about monetary damage such as appraisal cost, title search cost, inspection cost, etc. It's stupid for the seller to pull out.
2006-09-20 21:18:59 · answer #5 · answered by spot 5 · 0⤊ 0⤋
No they cannot change anything. Once a contracted is signed its done. They cant pull out unless they tear up the contract.
2006-09-20 21:14:24 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Yes, until the actual closing, they can pull out.....but they will lose the deposit to you. Witch is why they ask the buyer for a large deposit. Hopefully they won't do it, but it can be done.
2006-09-20 21:14:30 · answer #7 · answered by Judith O 3 · 0⤊ 0⤋
Unless you have actually closed, they can pull out, but This leaves them open to being sued, especially if you have substantial damages to claim.
If you moved, or have made sustantial changes in your life based on them signing a agreement then you may have the lawsuit leverage to make them stick to their agreement.
Lesson learned?
DONT TRUST ANYBODY... PERIOD!!!
2006-09-20 21:23:37 · answer #8 · answered by scary g 3 · 0⤊ 0⤋
Check your local real estate laws. To my understanding, yes they can, but they forfit all thier money. Good luck.
2006-09-20 21:18:59 · answer #9 · answered by stacey a 2 · 0⤊ 0⤋
Nope, No way you can sue thier ***!!!!
2006-09-20 21:14:52 · answer #10 · answered by bdat40oz 2 · 0⤊ 0⤋