Purchase Contract Legally Binding ?
Q: My seller recently backed out of our transaction, claiming that he “changed his mind” and no longer wants to sell his house. Can he do that? I don’t want to cancel…I really want this house. Isn’t the purchase contract legally binding? It is a short sale, but we have full approval from the short sale lender and my lender is ready to draw loan docs. What can I do?
A: Review the terms & conditions you both agreed on (in writing) in your purchase agreement & see what provisions it contains under ’sellers default’.If that penalty does not persuade the seller, then you can either move to enforce the terms of the contract (which could take both time & money without any sure guarantees) or move on. If you move on, make sure you do so with a written release signed by you & the seller absolving you from any future ties & the full refund of your deposit.
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