hello all : this is just for my knowledge/ awareness......if one sells his/ her house and all deal is done, confirmed, no conditions in it, and then later before closing date the seller changes his mind and does not want to sell....what are his/ her options ? what can the seller do and and if seller backs out what are the consequences ?
Thanks
Location: God's own country
Posted on: 20-08-14 01:44:46
No. It is not that easy to walk away like this unless the other party agrees.
if not, the contract is enforcable in the court of law (unless the contract is ruled illegal due to technical reasons). be extremely cautious about contracts. It is not a joke.
Always contact a lawyer for competent advise and avoid charcha boards for advice.
Murali The Krishna
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Very good advice by TK.
Quote:
Originally posted by Aashu
hello all : this is just for my knowledge/ awareness......if one sells his/ her house and all deal is done, confirmed, no conditions in it, and then later before closing date the seller changes his mind and does not want to sell....what are his/ her options ? what can the seller do and and if seller backs out what are the consequences ?
Thanks
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It is too saddening and disappointing to the buyers. There are a few cases mentioned here, with slight changes, and I find it is worth reading. They are from across the border.
NJOY.
FH.
http://streeteasy.com/talk/discussion/14341-seller-backs-out-of-an-accepted-offer
Location: Western Hemisphere
Posted on: 21-08-14 11:58:16
Once the contract is signed and conditions removed, the sale must go through. Or else, the seller can be sued by the real estate company, the buyer, and anybody else that has a stake in the deal.
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Dimple2001
Quote:
Originally posted by Aashu
hello all : this is just for my knowledge/ awareness......if one sells his/ her house and all deal is done, confirmed, no conditions in it, and then later before closing date the seller changes his mind and does not want to sell....what are his/ her options ? what can the seller do and and if seller backs out what are the consequences ?
Thanks
I know several cases where the seller simply walked away just before closing and the buyer could not do anything and end up in hotels after vacating their place. It is possible. It all depends on the terms and conditions put in the contract. There is no such thing as the sale has to go through. There is always a termination clause or simply an escape route.
There are several reasons a contract can be terminated:- For a buyer, his finance conditions might have changed, he might have lost his job, went bankrupt, the market crashed or simply he has to move due to transfers etc. For a buyer, the clause may simply be that the buyer will have to forego the deposit paid.
It will be a little bit tricky in case of the seller. He can terminate the contract if he sees a potential for higher value of his property. If the terms has no binding on the seller, he can simply walk away. Since the seller is the one paying the commission, the terms are usually more favourable to him.
Again, read the contact carefully and understand what is there for you. That is the reason the contract is put in place in the first place. Even if you want sue the seller, what do you sue for:- Buy the similar property and ask the seller to compensate for the difference? Or compensate for hotel etc till you find another place? None of them are going to work.
Aashu . I am unable to reply to any PM;s .Send email instead
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