Q: We are buying a home in Texas. The day of the closing, the tax office informed us of rollback taxes that will be due because the current owners changed the agricultural exemption on the property.
The title company agreed to hold the tax money out of the seller proceeds for tax time next year. Then, the seller walked from closing. Do we have any legal options as we had already signed our closing papers?
A: If I understand you correctly, the seller walked out of the closing upon being informed that he wouldn’t get all his money.
If that’s the case and the contract did not give the seller the right to walk from the deal, one legal option that may be available to you is to sue the seller for specific performance — that is, to live up to the terms and conditions of the contract he signed.
If you don’t want to do this (and it could be costly), you’ll need to get back your deposit and move on. For more details and other options, consult with an attorney who specializes in litigation and can sue the seller to force him to close or get you damages for your losses due to his failure to close.