Seller wants to back out
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Seller wants to back out
Hi, We are purchasing a new home in the Hollywood Hills, the seller agreed on
our price, was accommodating to let us do all of our inspections, We provided
the Ernest Money of 48K on time, we are paying cash for the house, we
released the contingencies and now the seller is asking us to cancel the deal.
We are closing on Feb 16th, our cash is ready, we’ve done everything asked of
us on time and politely
Our Agent said that he spoke to the Sothebys legal team and they assure him
that their commission gets paid, and he expects the sellers agents company will
mandate that too.
my question is, is the seller allowed to pull out of a deal they have agreed to
and we have done everything asked of us ?
Asked on February 5, 2018 under Real Estate Law, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Once all contingencies are resolved, the seller is bound to the deal--which is a contract--unless the buyer breaches the agreement in some material or important way (such as by not providing some payment when due). The seller can "ask" you to cancel the deal--anyone can ask for anything they like--and can even try to incentivize you to do so (e.g. offer you money to cancel), but at the end of the day, if the contingencies were taken care of and you are incompliance with your obligations, they cannot get out of the deal without your consent. If they try to, you could sue them for breach of contract and seek either or potentially both of "specific performance," or a court order that they go through with the sale, and monetary compensation for any costs you incur due to their breach of contract (e.g. if you have to rent someplace to live or to store your belongings while the court case works out).
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