I signed a contract to buy my first house, seller also signed. One week later, list agent called me that seller wanted to withdraw from this contract, no written so far. (FYI, I don't have agent.)
I live in Washington State, the contract is the standard one used in this state, the only coningencies with the contract are: inspection and financial.
We really like the house, we are looking around over a year already.
Your opinions are very much appreciated.
2007-05-15 12:07:16 · 5 answers · asked by Van 1 in Business & Finance ➔ Renting & Real Estate
It's time you got a lawyer, as you'll find it difficult to enforce your rights on your own.
To understand your position, you need to understand the difference between "legal title" and "equitable title".
Legal title is when your name is on a valid deed, and if your state requires it, that deed is recorded.
Equitable title is when you have the right to receive legal title.
You have equitable title now, if your contract is valid, and you keep the promises (pay the price by the date specified.)
In other words, you CAN force the seller to go through with the contract as written. The relief you'd be asking for in court is "specific performance".
I don't know if your state observes that, but most do tend to force sellers to live up to their contracts. Not buyers, they don't force people to buy, but buyers that wrongfully back out have to pay damages.
Anyway, get a lawyer and you can force her to sell. Be prepared for it to get ugly, though.
2007-05-15 12:16:19 · answer #1 · answered by open4one 7 · 1⤊ 0⤋
Taking the person to court will be a long and expensive process. Play hardball. Tell them they have three choices 1. sell you the house. 2. Pay you $20,000 and allow them to back out of the contract. (Or you could say $10,000, you won't get the house but at least you will get a nice chunk of cash. 3. Go to court. Tell them you have contacted a lawyer and you are prepared to move forward no matter what option they choose. If they don't pick option 1 or 2 you have a very strong case assuming the contract is well written. Place this information in a letter and send it registered return receipt. Good Luck
2007-05-15 19:34:28 · answer #2 · answered by Honest and fair 3 · 0⤊ 0⤋
It really depends on whether or not the contract has been completely approved. As with any contract, there may be certain loopholes. Unfortunately, I am not familiar with contracts in Washington, but you may want to search for them online. You might also be able to ask for copies at a local real estate firm. I hope this helps you get your house!
2007-05-15 19:17:22 · answer #3 · answered by Ghost 2 · 0⤊ 0⤋
If you want to, take him to court for breach of contract. Hopefully you did not give him a down payment or good faith money. It is a buyers market for the next to years, something better will come around
2007-05-15 19:17:32 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It will be a long and hard process to force a sale, but can be done. You have some good advice above, call a lawyer.
2007-05-15 20:43:37 · answer #5 · answered by frankie b 5 · 0⤊ 0⤋