What are our rights if the buyer of our home didn’t indicate that their offer was contingent on the sale of their condo?
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What are our rights if the buyer of our home didn’t indicate that their offer was contingent on the sale of their condo?
Her buyer is stuck without approved financing. Our buyer requested that the closing be moved up a week but then failed to be able to close due to economic issues with her sale. Now we are a week past the requested closing date. Every day is costing us money and her buyers closing could still now wind up 10 days out. This is all very stressful. And to further compound it, we did comply with moving it up. Is there anything we can do?
Asked on September 26, 2015 under Real Estate Law, Minnesota
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
If the contract of sale for your home did not have a clause or contingency in writing in it, stating that the sale was contingent on the buyer's sale of her current home, then it was NOT contingent and the buyer cannot require that the sale be contingent. While you are free to accomodate her if you choose, you do not have to because she has missed the closing, you could treat her as in breach of contract and potentially keep the deposit, and either move back into your home or put it back on the market. Alternately, even if you go through with the sale, you could look to recover any costs or losses you have incurred due to her breach if she does not pay those amounts voluntarily, you could sue her for the money with a reasonably good chance of success.
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