Seller wants to cancel Sub2 Deal! - Posted by Marcus(TX)

Posted by JoeS on May 20, 2002 at 21:07:09:

Each state has their own recision laws. Check with your attorney regarding this. If there are NO recision laws then you are free to proceed with your deal, or if the time has already passed. Seller’s remorse is not unusual. If you are passed the timeframe for recision then remind their attorney of the aspect of “specific performance of contract”. In NY where I live it would cost me around $2500 to sue in court for this. I have threatened to do it on several occasions. Once the seller sees that they will lose they will back off. Hope this helps.

Seller wants to cancel Sub2 Deal! - Posted by Marcus(TX)

Posted by Marcus(TX) on May 20, 2002 at 12:07:13:

I just bought a house sub 2 and got all of the neccessary paperwork signed and notarized. I recored the Warranty Deed to Trustee today. The seller called me today telling me that he has been thinking and he wants to cancel the deal. If I refuse, what legal action could he take? What legal action can I take?

I would consider just canceling the deal, but I already have sold the house on a Contract for Deed.

The bottom line is that I don’t want to forfeit the deal if at all possible, not only for my benefit, but also for my buyers benefit!

Any help would be greatly appreciated!