Posted by lyal on March 12, 2002 at 19:07:59:
Steve,
You might get a better response if you post this on the legal forum.
All the best, Lyal
Is the seller obligated to sell after signing? - Posted by Steve R-VT
Posted by Steve R-VT on March 12, 2002 at 18:32:06:
Is the seller obligated to sell after signing a purchase and sale agreement? What if the seller has not met a request dictated in the PSA? Can the buyer just hang on until it is settled or can the seller just back out even if the buyer has not let him?
Re: Is the seller obligated to sell after signing? - Posted by GL(ON)
Posted by GL(ON) on March 12, 2002 at 19:42:52:
If you have a signed agreement and all conditions are met, you have a deal and they can’t back out.
If they try, you can sue for specific performance and/or damages. Specific performance means they have to sell you the property on the agreed terms.
These cases seldom go to court because they can cost thousands and take years. It is usually better to drop it and go on to the next deal.
Have your attorney threaten them first, if he scares them bad enough you can still get your way.