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Buyers ready, but home seller wants to back out

May 16, 2014

Man Signing ContractFORT LAUDERDALE, Fla. – May 15, 2014 – Question: We found a house and entered into a contract to buy it. We did our inspections, got our mortgage loan set up and are ready for the closing about three weeks from now. Last night, the seller called and told us that she had an unexpected issue and will not be able to sell us the house. But don’t we have rights here? And do we have to wait until the closing date comes and goes before we start taking action to enforce the contract?

Answer: Most contracts contain contingencies allowing a party to cancel the deal if certain things happen, such as a bad inspection or the financing falls through. You need to carefully review your contract to make sure that the seller does not have a contractual way to cancel. If not, she is bound by what she agreed to, meaning that she must sell you the house.

Because she told you clearly that she is not moving forward, you don’t have to wait until the closing date to start enforcing the agreement. You or your lawyer should send her a letter now asking her to confirm in writing whether she is moving forward to closing. Once she confirms that she isn’t, most contracts give you the right to sue her for “specific performance,” meaning that you can ask the court to force her to sell you the property.

The practical problem with this is that it can take some time for the case to wind its way through the courts. So if you have concerns with where to live while this happens, or you are worried that you will lose your mortgage loan, this might not be the best option for you. It might be better to get your money back and move on to a similar house without all the trouble. But if this truly is the house you want, you appear to have the law on your side.

About the writer: Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar. He is the chairperson of the Real Estate Section of the Broward County Bar Association and is an adjunct professor for the Nova Southeastern University Paralegal Studies program.

The information and materials in this column are provided for general informational purposes only and are not intended to be legal advice. No attorney-client relationship is formed. Nothing in this column is intended to substitute for the advice of an attorney, especially an attorney licensed in your jurisdiction.

Copyright © 2014 Sun Sentinel, Gary M. Singer. Distributed by MCT Information Services.

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Just Sold! Raintree Village of Clearwater

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2101 Sunset Point Rd. #104
Clearwater, FL 33765
MLS#: U7602293

U7602293_101_12

JUST SOLD!

2 bedrooms, 2 full bath, 1,424 square feet, List Price $86,999
Very large condo, 1424 sq. ft plus florida room 11×11. Raintree village is in a “park like setting” lots of trees. Heated pool to enjoy all year long. Condo is a one story, all large rooms, it feels more like a house than a condo. Wood burning fireplace in livingroom, formal diningroom, familyroom and an attached garage. Planned activities in the clubhouse, holiday parties, BBQ’s, Bus trips. Come home to Raintree! Inside cats only, only service dogs allowed unless you have a note from your Dr. for medical purposes. 55+ community

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Just Sold! Green Valley Estates of Palm Harbor

May 1, 2014

2369 Walton Cir. #N-8
Palm Harbor, FL 34683
MLS#: U7603694

U7603694_101_12

JUST SOLD!

2 bedrooms, 1 full and 1 half bath, 1,068 square feet, List Price $64,900
This lovely end unit villa style home offers living room dining room combo, 2 bedrooms, 1.5 baths, screened in patio, 1 car detached carport. Home has been freshly painted, new carpet, and is move in ready. Buyer to pay FL doc stamps. Seller may provide HOW incentive and may pay some closing costs for Owner Occupants. Financing a HomeSteps home just got easier! Contact your realtor for more information and to find the most up-to-date list of participating lenders.

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