Posted by John Merchant on March 20, 2007 at 23:23:14:
Seller can be made to follow through and perform as agreed if he’s signed a P&S Agreement and taken your money and the delay wasn’t caused by you.
Your lawyer would send Seller a notice that S must follow through and perform and close, giving you a deed, or be subject to a Suit for Specific Performance, which would require S to do so, at S’s cost including your atty’s fees, court costs, etc.
Immediately after your suit was filed, your lawyer would record a Notice of Lis Pendens in deed records, which would effectively prevent S from doing anything else with that property and disclosing to the world that your suit had been filed.
Can a seller “bust” a deal that has been signed and a deposit has been made simply because they couldn’t close in the agreed upon time if the buyer still wants the property and is willing to wait for the clearances and the seller has not returned the deposit fee?
Posted by Natalie-VA on March 21, 2007 at 10:50:28:
Joseph,
I think you really need to have a lawyer review your contract. There should be terms in there that refer to the settlement date and possible extensions to that date.