What legal recourse do I have, if a buyer backs out of a purchase and sale agreement?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

What legal recourse do I have, if a buyer backs out of a purchase and sale agreement?

They want a new roof. The last 2 roofers she sent she didn’t get to. So I told them to tell me how many years left on the roof (2-3 years). The same I told her when they looked at house. Problem is she wants a new roof. She wanted 15k we offered 10k. they said if we don’t give them 15k they will back out. Sounds like blackmail. Can they say that and if they do back out the house been off the market for 2 months. I lost potential buyers. Can they demand 15k and use that as a way to get out of the contract?

Asked on June 27, 2012 under Real Estate Law, New Jersey

Answers:

Jamison Mark / Mark Law Firm, LLC

Answered 11 years ago | Contributor

The real estate transaction is always guided by the agreement you signed to sell your home.  Speak to your attorney (if you have one) about the terms of the contract and whether repairing a roof that is still in good condition is a structural defect.  Most houses are sold "as is" with the exception of certain agreed upon repairs, or repairs which are required before a home could be sold, but those repairs are structural of type.   I the roof is still in good condition, however, the buyer is simply nervous because it only has 2-3 years left on it, then the buyer is typically not in a position to breach the agreement.  If you are able to do so, send the seller a notice of anticpated breach, and a "time is of the essence" request for the closing to take place within 15 days.  Without seeing the actual contract, it is difficult to say if the negotiations of the roof is a factor that would permit the buyer to void the contract.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption