What recourse do we have if we are closing on our house in 3 days and now the buyer wants out of the contract?
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What recourse do we have if we are closing on our house in 3 days and now the buyer wants out of the contract?
Everything has been approved and is ready for signing. Buyer now states she may be getting back with her husband and want out of the contract. Can she do that?
Asked on July 18, 2011 under Real Estate Law, Virginia
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The answer to your question is contained in the written purchase agreement presumably signed by both you and the seller. If you have a binding written contract signed by you and the seller where all contingencies have been removed by you to close escrow, you seem to have a binding contract to close assuming you have a loan and /or money to pay the seller for the property in place.
I presume when you state everything has been approved and is ready for signing you mean only the closing documents need to be signed, the deed to you signed and recorded and monies to be paid to seller are all that is required.
If that is so, then if the seller does not sign the required documents to close escrow where title to the property is placed in your name, your recourse would be to sue her for specific performance under the contract where a judge could very well order the transfer of the property into your name as well as all other damages and attorneys fees incurred (possibly if your contract allows for attorney fees in such a dispute).
It sounds as though the seller is having "seller's remorse"
Good luck.
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