im just curious has anyone gone to closing and the seller backed out at closing ? (investment, price)
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What are you legally obligated to if a seller backs out?
If a buyer backs out due to cold feet, the seller is entitled to earnest money.
If a seller backs out, what is the buyer entitled to? I would think this is a more serious situation as a buyer could be getting out of a lease, paid money to break lease, and was scheduled to move out. A seller backing out at last second could have a buyer homeless with nowhere to put their stuff.
What are you legally obligated to if a seller backs out?
If a buyer backs out due to cold feet, the seller is entitled to earnest money.
If a seller backs out, what is the buyer entitled to? I would think this is a more serious situation as a buyer could be getting out of a lease, paid money to break lease, and was scheduled to move out. A seller backing out at last second could have a buyer homeless with nowhere to put their stuff.
Yes exactly . and we had given our Landlord notice but she just talked to us and we are fine .however I'm still not letting anyone off the hook over this change of mind
Last edited by phonelady61; 09-28-2015 at 08:21 AM..
Reason: spelling .
While a seller "can" refuse to complete the closing at the last minute, they put themselves in the path of almost 'slam-dunk litigation' by doing so. The buyer should readily be able to recoup a wide range of 'jilted buyer' expenses (ie; lease termination, moving expenses, inspection fees, legal costs, inconvenience, etc).
While a seller "can" refuse to complete the closing at the last minute, they put themselves in the path of almost 'slam-dunk litigation' by doing so. The buyer should readily be able to recoup a wide range of 'jilted buyer' expenses (ie; lease termination, moving expenses, inspection fees, legal costs, inconvenience, etc).
Yes indeed and that is what I'm going for if she has not sent my agent a check by the end of this week . Her agent has told her that I do intend to sue .
It is my understanding that you can sue to recover the lost expenses, plus the listing agent can demand the commission in full since she (and the buyer agent) fulfilled the contract.
It is my understanding that you can sue to recover the lost expenses, plus the listing agent can demand the commission in full since she (and the buyer agent) fulfilled the contract.
Her firm wont let her do that so Im working on something for her .
also worried that she (the seller ) will play that "I'm a single mother and I have health issues " . well funny she did not have health issues a week prior when I saw her out partying with her friends in a bar which she posted on fb and now she has taken her fb page down ....wish I had copied the pictures now .
also worried that she (the seller ) will play that "I'm a single mother and I have health issues " . well funny she did not have health issues a week prior when I saw her out partying with her friends in a bar which she posted on fb and now she has taken her fb page down ....wish I had copied the pictures now .
Do you know her friends names? Maybe the pic is somewhere else.
We had a hairy closing many years ago. It was suddenly discovered that the seller had not had the well inspected. Our agent at the other end of the deal managed to rescue the sale, by contacting the seller's broker and twisting his arm to figure out a compromise. The upshot was that we money to ensure that we could fix the well if it did not pass inspection. I believe this was not actually legal, but we did get moved.
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