If Buyer backed out of the contract, he/she would lose the earnest money. But what would happen if Seller defaulted the contract (ie. Seller found someone who offered higher purchase price)?
2007-03-26 16:25:05 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Then you bring a suit for specific performance, where the judge orders the seller to complete the sale.
2007-03-26 16:39:59 · answer #1 · answered by SndChaser 5 · 0⤊ 0⤋
If you have a fully executed contract and the seller has backed out, you can sue for completion of the contract (i.e. complete the sale). If you can find out where escrow has opened you can submit a claim for immediate compensation, but this won't stop the transaction. This will however, buy you time for a "lis pendence."
There a whole lot of compensatory damages you can seek.
2007-03-26 16:36:28 · answer #2 · answered by ucla987 2 · 1⤊ 0⤋
from what my agent has said once you have a contract the seller can not hear other offers... a friend had this happen and she went to court and ended up getting the home for free
2007-03-26 17:52:52 · answer #3 · answered by brookieboo 3 · 0⤊ 0⤋
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2016-10-20 12:45:37 · answer #4 · answered by ? 4 · 0⤊ 0⤋
You could sue for specific performance. You could grab the additional profit for yourself. This assumes that you're in the US. If you're in the UK that's completely legal until you've gone to exchange of contracts; there's nothing you can do about it.
2007-03-26 16:57:27 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 0⤋
If you are in contract to purchase, you have the right sue. Get an attorney.
2007-03-26 16:28:51 · answer #6 · answered by themligroup_com 2 · 0⤊ 0⤋
He can get in trouble.. preach of contract..
2007-03-26 16:28:36 · answer #7 · answered by lexy 2 · 0⤊ 0⤋