What rights do we have as buyers if the sellers moved tenants into the house after we had a signed purchase contract in place?

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What rights do we have as buyers if the sellers moved tenants into the house after we had a signed purchase contract in place?

We recently signed a contract for a property which was in short sale. The short sale has been approved by the bank but the sellers let tenants move into the house 3 days after we signed the contract. We had an addendum signed giving the tenants ample time to move from the property in order to have the necessary inspections performed. They have not moved out and we only have 3 business days to conduct inspections as per the agreement. What rights do we have as buyers or should we just get out of this transaction?

Asked on November 13, 2011 under Real Estate Law, Florida

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you have a real estate agent advising you about the situation, you should consult with him or her in that the last thing you want to do is buy a home on a short sale basis with tenants in it that may or may not move out at close.

I would get some response from the sellers as to why tenants were placed in the unit after you went into contract on it. If you really want the property, I would work some agreement with the tenants to get out by a set date before you close escrow. If you do not want the property, you might consider cancelling the purchase. Good luck.


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