What is the law if buying a house and the seller backs out 2 weeks before closing?
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What is the law if buying a house and the seller backs out 2 weeks before closing?
My wife and I were buying a house and everything was done except for the final walk-through and
closing. The seller backed out with the excuse of loss of income due to a position change. What can be done?
Asked on June 13, 2016 under Real Estate Law, Virginia
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
You can sue the seller: a contract is enforceable in court, and the seller cannot get out of the contract. due to some adverse change in his or her life circumstances (e.g. "loss of income"). The seller could only get out of the contract if either you violate your own obligations, like not being able to close financially; or if the terms of the contract itself give the seller the right to pull out of the sale at this time. You can sue for "specific performance," or a court order requiring the seller to go ahead with the sale, and/or for monetary compensation for your costs, both incurred to date and projected future if the sale does not close. Given the time line, you'd want to file your suit on an "emergent" (think: "urgent" or "emergency") basis, to get into court faster. Doing so can be procedurally complex: while you should be able to get instructions and likely sample forms from the court and/or the court's website, you are strongly advised to retain an attorney to help you.
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