Buying a new home can be a seriously anxiety-inducing situation. If you’ve gotten so far as to have a signed purchase agreement in hand and your financing approved, you might finally feel like you can breathe a little easier. But then wait! At the 11th hour, the seller suddenly refuses to sell the home to you. Now what? What are your rights as the buyer?
First, Read the Purchase Contract
A seller might back out of the transaction for a host of reasons – seller’s remorse, a change in the family’s situation, or a better offer from someone else. When a seller refuses to sell, it can be extremely frustrating, especially if you’ve already sold your home and packed up the moving truck.
Before you decide what action to take, you must first review the contract. Maybe they do have an “out” based on a legal technicality that was missed. Make sure you have a real estate lawyer review the contract before signing it to ensure it is legally binding.
Next, Assess Your Options
After determining that the contract is valid, discuss your options with an attorney. Maybe the seller will be willing to compromise by changing the move-out date, for example. If the seller is not willing to budge, it may be time to take legal action.
One is to file a lawsuit seeking “specific performance.” This requires the seller to perform the original action of the contract, not just pay monetary damages. In this case, the original action of the contract would be to sell the home to the buyer. Another option is to pursue a breach of contract for failing to uphold the contract terms.
If a seller refuses to sell you the home out of nowhere, you have options, but speaking with a real estate attorney is your best first step. At the Law Offices of Alex D. Sirulnik, P.A. and ADS Title Services, Inc., we help buyers and sellers with real estate closings every single day. If you have questions or concerns about real estate in Miami, we’re here to help. Contact us today to learn more.