I sold property on 12/11/08, now on 5/17/09 buyers may want money back. Legally, can they do this?

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I sold property on 12/11/08, now on 5/17/09 buyers may want money back. Legally, can they do this?

I sold vacent property on 12/11/08, buyers wanted me to have a perk test done, I did, now saying that land doesn’t perk! They may want thir money back! When the property was tested, it did pass.

Asked on May 20, 2009 under Real Estate Law, Tennessee

Answers:

J.V., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

The first thing you need to do is contact the attorney who handled the transaction for you. They should have all the paperwork and everything in order.

Second I am not admitted in TN but as a practical matter once a sale is final a buyer cannot come back and change their mind. As long as the transaction was not based on fraud or any misstatements it was a valid sale. It sounds as if you did as they asked and I assume you have the paperwork to substantiate this.

Call your closing attorney a phone call from them may be all it takes to make this go away


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