what are the buyers' options if the seller breaks the contract?

Question

say, for instance, in the contract to buy a condo a 60 day closing period was agreed upon and both the seller and the buyers sign the contract. Just before the closing date (say 4 or 5 days) it is made known that the seller will not be able to attend/sign by the closing date. Do the buyers have any rights/recourse? What should the buyers do?

we'll just say the sellers decided to take a vacation (out of the country) the week of closing without telling the buyers anytime in advance... arrangements have been made to have people come in and work on the place and now plans have to change... time off from work has to be re-scheduled... big inconvenience for the buyer.....

the sellers are not walking away... just delaying by an unknown time-frame.

Answer 1

You likely signed something in your purchase agreement agreeing that escrow can be reasonably extended due to unexpected delays....

They probably must sell you the home for fear of a "specific performance" lawsuit, but some sellers/builders cleverly make you give up that right in the purchase agreement. That's why it's always good to have an real estate agent or lawyer represent you in your home purchase (New or Resale).

Just for clarification: A delayed closing is RARELY considered a breach of contract in real estate. There are often delays in that business. I hope this helps a bit.

Answer 2

Is the buyer entirely walking away from the deal, or is just delayed ? If delayed, by how much of a time frame ? Why is the seller unable to close on the specified date ?

Answers will be more specific to you if you can provide this information.

Answer 3

The seller cannot get out of the contract, it is legal, and binding, the buyer, however can get out. Call your lawyer, don't just drop the ball.