Re: seller wants to back out… - Posted by JT-IN
Posted by JT-IN on May 25, 2006 at 18:17:48:
First off, you are going to have a hard time satisfying Al - Ct requirements, since her spouse has died… (Levity).
Depending upon which state the property is located, may have something to do with this… Some states are more lenient than other about contract rights and performance. It will also depend on the strength of your contract, and how specific the language is concerning default. Many agreements state what the remedy is, in the event of default. So as example, lets say that your contract stated that if seller defaults, they must return earnest money deposit, then you wouldn’t have much ground to run on. See what I mean here…?
The other factor that could come into play would be the age of the seller. The only factor is whether she had all of her facutlties upon execution of the contract. Sourts will sometimes be sympathetic toward older people who have made a blunder, and if that is the case, you may not fare too well here.
You could prepare an affidavit stating that you have a bonafide interest in the property, via a properly executed Purchase and Sale Agreement, between Mrs. Susie Seller and John (Doe), for property located at 123 Main St., on xxxx date. Sign that in front of a notary, attach a copy of the legal description to the affidavit, and rercord at your local county recorders offc. This will certainly get you a phone call from a title company, in the event that she did attempt to sell it to someone else, although that wouldn’t happen until they were ready to close and title report is compelted.
You could also attempt to put her on written notice, provided that you have an iron clad contract. That notice should state that you have recorded a memorandum of your agreement at the county recorders office, and in the event that she does not honor the terms of the agreement, you will file suit for specific performance.
Other factors depend on whetehr you are a ready, willing and able purchaser…? Are you ready to close within the terms of the contract…? Do you need financing…? Is there any problem there…? And on and on. Bottom line is forcing someone to sell their house to you may be an uphill battle, but it happens all the time. Or at least there could be some monetary damages if she does not sell to you. Playing a little hardball with the letter, etc, may get her to cave in and do the deal. You’ll have to decide how solid of ground you are with your contract, and whether you can stomach displacing the old gal…
Just the way that I view things…