Can The Buyer Sell Property To Someone Else After Signing A Purchase Agreement?
Mу husband аnԁ I signed a рυrсhаѕе agreement wіth thе seller. Wе аƖѕο gave a $1,000 ɡοοԁ faith deposit. Now, thе seller іѕ nοt returning ουr calls. Thеrе wаѕ someone whο offered thеm cash јυѕt prior tο ουr agreement. CουƖԁ thеу legally sell tο someone еƖѕе аftеr wе аƖƖ signed. Whаt сουƖԁ bе done іf thеу ԁіԁ?
If your state has an attorney review period, they can do this as long as you are still in attorney review.
“call an attorney to sue them for “specific performance” to make them sell it to you. You will win, hands down.”
Have you read their contract? If not, how do you know that the contract has not limited or excluded what their options are? Do you know for a fact that they haven’t limited their rights to arbitration? Do you know for a fact that they won’t be required to pay their own attorney fees?
Suing for “specific performance” isn’t a simple or inexpensive thing to do, assuming you even can. The initial retainer will be costly, and depending on the housing market in your area, it may not even make economic sense.
If you have a signed contract by both parties and executed, the seller is obligated to sell to you unless you default. If they try to sell to someone else, call an attorney to sue them for “specific performance” to make them sell it to you. You will win, hands down.
Where is YOUR Agent? They are working for your best interests. Get them on this right away.
Some states have a 3 day cooling off period where you can change your mind up to 3 days after signature on a contract. Find out what your state’s law is.
Make sure that even if the seller doesn’t return the calls, you open an escrow account and continue to make the payments. The seller may be trying to force you into default and thinks that you are not smart enough to do the escrow account.