Is a Buyer bound by a P&S to go through with the purchase.

1. P&S orginated 1/19/092. Atty added “closing date is contingent upon Probate Court approval and may be extended by Seller to obtain said approval” on 2/9/09.3. As of 6/8/09 neither the inventory list nor the request for License to Sell has been filled with Probate.4. Buyers no longer want the property because of the time involved and still do not have a firm closing date, 5 months later.5. Atty states” There is no justification for the Buyers withdrawal from the sale. Their decision is a breach of contract and will be treated as such. The estate will not sign the release of escrow.

Asked on June 9, 2009 under Estate Planning, New Hampshire

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Parties are free to contract for whatever they want, especially in real estate deals.  However, the parties are bound to the promises they make that are in writng and signed by them.  It seems that the seller may have a problem if they did not seek an extension of time to obtain probate approval.  It appears that the sellers should have asked for more time.  The sellers' failure to obtain an extension justified the buyers walking away as they were not going to just sit and wait for the cows to come home.  The sellers should have sought some extension as the deal was conditioned on the probate approval.


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