Posted by Garrett Sutton on February 04, 2005 at 08:29:32:
Without knowing all of the exact details, as well as whether any contingencies come into play, it sounds as if you have an enforceable contract. I would suggest contacting a local real estate attorney and have that person send a demand letter demanding that the sellers follow through on the sale. Good luck.
Sellers want to back out of the contract - Posted by Denny
Posted by Denny on February 04, 2005 at 03:16:23:
My purchase agreement was accepted in writting by the sellers, whose listing agent is a relative of them. Inspection was done and everything is ready for closing in a few weeks. Now the sellers want to “terminate” the contract because they got a better “offer”. At the same time, I sold my current house and the closing date is a few days before the other one. Now I am in a very awkward situation. Any advice on how I can enforce the contract, as I really want the house and try not be caught in the middle of a 3-way legal battle?
Thanks.
Denny
Re: Sellers want to back out of the contract - Posted by eric
Posted by eric on February 04, 2005 at 12:18:43:
I also echo the previous posts. Go see a real estate attorney ASAP. You may likely need to file an action for specific performance in order to record a Lis Pendens against the property to prevent the sale to the subsequent buyers. If there is a mediation clause in the purchase agreement affecting the right to recover attorney’s fees, make sure the attorney includes language that won’t defeat this clause.
Good luck…
Re: Sellers want to back out of the contract - Posted by John Merchant
Posted by John Merchant on February 04, 2005 at 09:55:35:
Agreeing with Garrett’s good advice, your RE lawyer could also record a short Memo or Notice of your interest so as to keep the other deal from closing.