I backed out on a deal in selling my property after signing the contract.Now the interested buyer is suing me for specific performance.Do you think I can beat the case and keep my building?Or what do you think will happen?
2007-05-21 13:11:23 · 2 answers · asked by rowena v 1 in Business & Finance ➔ Renting & Real Estate
We do not know the facts of your case and this is the time when you are under a contract and are being sued for Specfic Performance where you need to seek legal counsel.
Make an appointment with a real estate attorney.
Good Luck
2007-05-21 13:18:38 · answer #1 · answered by Jimmy 5 · 0⤊ 0⤋
You may be able to keep the building, but expect to pay heavily for the privilege of doing so. You do not reveal your reasons for backing out of the deal after signing, but in the end, the reasons are irrelevant anyway.
The idea here is that the buyer of the property may have suffered financial harm due to your change of mind. Perhaps he had already terminated a lease elsewhere because he was buying your building, and is now forced to move elsewhere ? If he has suffered financial loss due to your change of heart, the chances are that you will be found liable to reimburse him, at a minimum, for such expenses. These could be sizeable.
Engage the services of a qualified attorney to represent your interests.
2007-05-21 13:28:14 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
If your contract does not give you an option for not selling the property, you will probably loose and have to sell the property. You will be out your attorney fees and probably the buyer's attorney fees.
When you sign a contract, you must fulfill all of the terms of the contract.
BOB F
2007-05-21 13:24:47 · answer #3 · answered by Anonymous · 0⤊ 0⤋