Can I (the buyer) enforce the “specific performance” on the seller after signing paper work to get our earnest money back?

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Can I (the buyer) enforce the “specific performance” on the seller after signing paper work to get our earnest money back?

I had an accepted offer,in writing, by the seller. I had earnest money down and paid for an inspection. We were trying to work out a compromise on the problems found in the inspection. In the meantime, two other people showed interest in the property and the next thing I was told, by their realtor, was the deal was done……I was out. The realtor rushed over the very next morning to make me sign the form to get my earnest money back. I did not knowing the facts regarding real estate transactions. I have not received my earnest money back yet. Property is in Minnesota.

Asked on June 6, 2009 under Real Estate Law, Wisconsin

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 15 years ago | Contributor

Earnest money? Do you mean a good faith deposit and not an option to hold the property? If so, then your best bet is threaten a lawsuit.  You can sue the seller's Realtor/broker and the seller and try to get your deposit back. 

If it is under a certain amount, you can go to small claims.  If there are penalties in your state by law, for breach of a P&S Agreement, then you should consult with an attorney.  Try www.attorneypages.com and then check his or her record at the Wisconsin State Bar.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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