QUESTION
We have sold our home, or so we thought.. We have a legal contract signed, buyers want to back out
Asked on Jul 30th, 2013 on Breach of Contract - Pennsylvania
More details to this question:
The party buying our home is having anxiety and want to back out after 2 weeks, our home inspection went very well, they had the home appraised,everything has been done and a settlement date has been set. We have the signed contract, the buyers wanted 30 day settlement, we reluctantly gave them a quick settlement. We have done everything legally through a licensed realtor. We have most of our home packed up, sold some furniture that we could not take with us. Have been busting our buts to make this happen and now this? last but not at all least, we have placed a deposit on our rental. This has been a nightmare for us. What legal rights do we have? Does promissory estopel come into play in this situation?
1 ANSWER
Civil Litigation Attorney serving York, PA
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Law Office of Glenn J Smith, PLLC
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The first question in such a situation is what does the Agreement of Sale state? The typical Pennsylvania form provides for options including liquidated damages, actual damages and specific performance. Depending on your buyer's financial situation, the real question may be whether they can obtain the financing the purchase the property. If they cannot, your options are likely reduced to the first two mentioned. It is important to note that mediation or arbitration may be required before pursuing those remedies.
Answered on Aug 05th, 2013 at 6:03 PM