Once the due diligence period is over and a buyer wants out of a real estate deal, what options does the sellerI have?
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Once the due diligence period is over and a buyer wants out of a real estate deal, what options does the sellerI have?
The buyer wants out but we have refused to sign the any of the documents that their realtor asked us to. We also told our realtor that we will not show our house and not to put our house on the MLS. Currently, we have $1500 out-of-pocket for the new house that we started designing. Can I get this money back? Can i also be reimbursed for the repairs that I did/had done to my house from the buyers home inspection report? Can I sue and force the buyer to buy my house? I understand that i get to keep the earnest money.
Asked on March 21, 2011 under Real Estate Law, North Carolina
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Your rights and obligations here are governed not only by State law but also by the contract for the sale that you signed. Do you or did you have an attorney in this matter? Then please get some advice from him or her. You need to read the contract, see what stage in the process of the sale you are and see if what they did triggers your keeping the earnest money. What they have done appears to be a breach of the contract. Generally speaking you can sue to enforce it as well but that would be subject to other issues here (like if they qualify for a loan, etc.). As for the money you expended on the new house plans, I doubt that you can get that back unless one contract was made "contingent" on the other. You really need someone to read this contract for you. Good luck.
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