Real estate: Can a seller just walk away after accepting an offer?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Real estate: Can a seller just walk away after accepting an offer?
There was earnest money down, an inspection was done….a couple of people showed an interest in property and the owner thought he could get more. There is a realtor involved working for the seller.The real estate is in Minnesota.
Asked on June 6, 2009 under Real Estate Law, Wisconsin
Answers:
J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
The question at the end of the day is whether there was a signed real estate agreement between the parties. If not, then there is not liability on the seller. If however, there is a signed agreement and the buyer put down money and secured financing and then the seller pulled out, the buyer could enforce the contract under what is called specific performance. This is a doctrine that allows a buyer to force the seller to give them the property based on their deal. It prevents what you are describing from happening. I would need to see the contract in order to give you a definitive answer.
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.