Real estate: Can a seller just walk away after accepting an offer?
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Real estate: Can a seller just walk away after accepting an offer?
There was earnest money down, an inspection was done….a couple of people showed an interest in property and the owner thought he could get more. There is a realtor involved working for the seller.The real estate is in Minnesota.
Asked on June 6, 2009 under Real Estate Law, Wisconsin
Answers:
J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
The question at the end of the day is whether there was a signed real estate agreement between the parties. If not, then there is not liability on the seller. If however, there is a signed agreement and the buyer put down money and secured financing and then the seller pulled out, the buyer could enforce the contract under what is called specific performance. This is a doctrine that allows a buyer to force the seller to give them the property based on their deal. It prevents what you are describing from happening. I would need to see the contract in order to give you a definitive answer.
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