Home Sale Cancelled
Ask the Real Estate Lawyer: Real Estate Law Q&A
REM # LAW 728
By Ilyce R. Glink and Samuel J. Tamkin
Summary: A ThinkGlink reader bought a new home only to have the contract cancelled. Now the home is on the market again. Sam and Ilyce explain that the buyer does not have any recourse against the seller.
Q: A month ago we signed an agreement with a seller to buy their property.
Shortly after the home inspection was completed, the seller's agent contacted my agent to let him know that, because the sellers are in the military and their transfer wasn't going to happen for "at least another year,” they were not going to sell the house.
It's now back on the market -- ironically on the weekend that I was supposed to be moving into it.
Is there any recourse for either my agent or myself?
A: If you agreed to terminate the purchase and sale agreement and got your down payment money back under the circumstances you described, you don’t have any recourse against the seller or the listing broker.
The house is back on the market and if you want to approach them and buy it
you can try. If you already bought a different house, you should move on.
Samuel J. Tamkin is a Chicago-based real estate attorney. Ilyce R. Glink’s latest book is 50 Simple Steps You Can Take To Sell Your Home Faster and For More Money In Any Market. If you have questions for them, write: Real Estate Matters Syndicate, PO Box 366, Glencoe, IL 60022 or contact them through Ilyce’s website www.thinkglink.com
Buying a House with Bad Credit
Home Moving Tips: Things to Do Before You Move
How To Raise Credit Score To Prepare For Mortgage
Lawyer Needed to Buy Foreclosed Property
New Home Has Water Problems
Link to This Article
Like what you've read? Spread the word! You can link to this article
from your website by copying the following code and adding it to
a page on your website:
Copyright ©2001-2007. ThinkGlink, Inc.
All rights reserved. Reproduction of material from any www.ThinkGlink.com pages without permission is strictly prohibited.
Site designed by Walker Sands Communications
