April 11, 2012

Buying or Selling a Home

The Purchase Contract

Can a buyer sue a seller for backing out of the contract?

Yes, if the seller violates the terms of the contract or refuses to close the sale, the buyer can sue to force the seller to complete the transaction. It also is possible for the buyer to sue for damages. For example, a buyer who had incurred costs for obtaining a mortgage or costs for renting temporary housing caused because the seller broke the contract would have a case for damages.

>>What is an offer to purchase?
>>What might I include in my offer to purchase a home?
>>What is earnest money?
>>How is the offer negotiated?
>>How does an offer relate to the purchase contract?
>>Can oral promises constitute a contract?
>>When should we involve a lawyer?
>>What are the key provisions of the purchase contract?
>>What is an inspection rider?
>>What is an attorney-approval rider?
>>What is a mortgage-contingency rider?
>>May the seller refuse a mortgage-contingency rider or an inspection-contingency rider?
>>What happens to my earnest money deposit if we do not complete the sale?
>>Can a buyer sue a seller for backing out of the contract?
>>Are there any special considerations when you are buying a home from a builder?


Practical Law Home | Buying or Selling a Home | Basics of Buying a Home
Basics of Selling a Home | Why Real Estate Is Covered By Special Laws | Real Estate Brokers
*The Purchase Contract* | Financing a Home Purchase | The Closing | The Fair Housing Act
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