We're out a lot of money if this deal doesn't go through!!! The buyers have asked for an extention, which may or may not go through. I'm just interested in hearing about other people's experiences if they have sued a buyer after the deal falling through.
2007-11-27 03:02:58 · 4 answers · asked by camera troubled 2 in Business & Finance ➔ Renting & Real Estate
what are you going to sue for? The buyers couldnt obtain financing. Some people get denied because of credit, a certain company (countrywide, hsbc, etc...) wont do loans on certain things anymore. If anything, it should be the realtors fault for even showing someone a house and wasting peoples time. I've had 2 deals die within the last month because the loan company wouldnt finance a trailer because they were short on funds. How is that the buyers fault?
If your going to try anything, good luck because you will be wasting peoples time then.
2007-11-27 03:12:21 · answer #1 · answered by Marshall 5 · 0⤊ 0⤋
Sure people in Canada have sued, and they sue for breach of contract. I hope you used a good realtor and got a substantial deposit which should be in a broker's trust account and that is where it will stay until this is settled. Your realtor should be all over the buyer's realtor and demanding an explanation for this.
Good luck
2007-11-27 03:43:46 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You’re no longer truly on the point of suing the clients basically yet, what counts is what type of contingencies there are contained in the sale contract. maximum sale contracts could have had both activities waive the contingencies by the point the escrow is able to close in 2 days yet you truly favor to ensure what the contract says, your Agent could take care of to determine that out for you. also, maximum established sales contracts have liquidated damages and arbitration clauses, back your agent must be able answer that question if the contract has those clauses in result. if so, the liquidated harm clause spells out how a lot both celebration could owe if both celebration defaulted, therefore it sounds like the shopper is defaulting by taking flight of the deal. because the shopper is defaulting, you are able to be entitled to the reported liquidated harm quantity, regularly any were from 50% to at least one hundred% of the earnest funds. If the shopper fails or refuses to signal escrow papers to launch the money, you are able to then visit arbitration fairly then court docket, presented the arbitration clause changed into also in result, both regularly go hand in hand. back this can be certainly spoke back by your agent or by studying the contract. Arbitration is amazingly equivalent to court docket purely swifter and in a lot of situations could arise with an similar judgment as a actual court docket case, plus the referee (the choose) doesn’t anticipate activities to be represented by a criminal professional, unlike a actual court docket could. This advantages both activities by save the criminal value’s right down to a minimum. If the shopper nonetheless refuses to pay after triumphing an arbitration case, i could remind the shopper he could now be libel on your criminal prices and means punitive damages could he lose and he continues to be no longer getting the earnest funds decrease back till both one in all you signal so it is going to purely value him extra.
2016-10-25 03:14:06 · answer #3 · answered by ? 4 · 0⤊ 0⤋
A quick look at Canadian law covering real estate transactions indicates that it closely mirrors US law. You will have to check your contract of sale/offer to purchase to see if the buyers held a contingency of financing availability as part of the contract. If the language covers such a contingency, you have no basis for lawsuit.
Assuming you used real estate brokerage for this transaction, check with your real estate agent concerning the language provided in the contract.
2007-11-27 03:12:52 · answer #4 · answered by acermill 7 · 0⤊ 0⤋