both parties signed, one seller claims he didn't know exactly what was going on and now wants to cancel sell. process started August,2007 and for several reasons on both sides the closing was continually cancelled or changed. now buyer filed case against seller attempting to force sell.
2007-11-18 03:23:10 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
They can't make you sign the deed over. But you can be held liable for any damages they incured. Such as loss of current lease or if they sold their home in anticipation of buying yours. Its a very sticky situation
2007-11-18 03:31:00 · answer #1 · answered by ~{kkay}~ 1 · 0⤊ 1⤋
You don't.
Once the deal is agreed to the seller generally can NOT back out of the deal. I've sued twice for specific performance and won both times. The cases were fast-tracked in the courts and we got our judgments in a few weeks. In one case the interest rate had risen and I got a tidy settlement from the seller to cover my excess costs. In the second case the seller had found a buyer willing to pay quite a bit more for the property. We forced a double closing and I took all of the profit that the seller was expecting.
Contrary to what another poster stated, the courts CAN force you to sign over the deed. Not doing so will leave you in contempt of court. THAT will land you in jail indefinitely until you sign over the deed.
The only way out of a contract is if one of the contingency clauses kicks in. For a seller that normally is linked to the appraisal. If the appraisal comes in at less than the agreed price the seller can cancel the deal. Unless you have a contingency clause that allows you to cancel the deal the buyer's suit will almost certainly succeed. You'll also probably be stuck with the buyer's legal costs.
Your attorney should have explained all of this to you. If he or she did not, get a new attorney quickly. And if you don't have an attorney, NOW would be a good time to get one!
2007-11-18 03:47:00 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
First poster is correct. No one can drag a seller to a table and force them to close on a deal. However, lack of closing exposes the seller(s) to potentially costly litigation to remediate damages incurred by the buyer(s).
The notion of 'specific performance suit' is complex and confusing. For a primer (if you can understand it) on specific performance litigation, view the supplied URL.
2007-11-18 03:47:23 · answer #3 · answered by acermill 7 · 0⤊ 0⤋