Home Selling in West Chester>Question Details

Daisy, Home Seller in Exton, PA

if the seller loses their job before settlement, do they still have to sell?

Asked by Daisy, Exton, PA Wed Jun 27, 2012

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7
Have to...... Not exactly, but you do have a contract signed and executed and delivered with the buyer.
If you pull out, then the buyer seems only rightfully so have some rights to indemnification. He or she may have lost out on another property, no has to rent for longer etc. etc.

So make sure to talk immediately to an experienced real estate Attorney to see what the best solution for you would be. And since you have lost your job, how comfortable are you keeping and maintaining
your home....

Please take a deep breath and get all the information from all the experienced professionals before
you make a decision that at the end is not the very BEST for you.

Take care....

Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093 ---- EdithDoesItRight@yahoo.com or EdithSellsHomes@gmail.com Check out my website at htttp://www.tinyurl.com/MeetEdithHere
get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)
0 votes Thank Flag Link Fri Jun 29, 2012
Generally speaking, no one can force you to sell the home. No one can force you to sign the deed.

But that isn't to say there aren't going to be ramifications should you change your last minute and that the buyer might not sue you for specific performance and be awarded damages in mediation (or in court, depending on the norm there.)

If you're considering walking away from an executed purchase contract, talk to a real estate attorney ASAP to find out what the possible ramifications might be.
Web Reference: http://expiredtosoldaz.com
0 votes Thank Flag Link Fri Jun 29, 2012
Daisy - Nick explained very well and I had the terrible experience of the Seller signing an agreement of sale (and he knew he might be losing his job but didn't mention a word when I explained items to him and his wife) and a week later he called and had lost his job and wanted to cancel the deal - sorry but he had to move!!! Especially since the buyers were both lawyers he didn't have an out!!!! It is good to speak to an attorney who is in real estate law to look over your contract and advise you accordingly.
0 votes Thank Flag Link Wed Jun 27, 2012
Check with a real estate attorney but, in PA, typically a buyer has what's known as "equitable interest" in a property once the agreement is fully executed and may have the right to buy the property even if the seller decides not to sell.
0 votes Thank Flag Link Wed Jun 27, 2012
Only answer is consult a reputable knowledgeable Real Estate Attorney. John DelCasale 215-732-7200 is an excellent Attorney to consult.



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0 votes Thank Flag Link Wed Jun 27, 2012
Daisy, I couldn't have said it better myself. Nick's answer below is well-written.
0 votes Thank Flag Link Wed Jun 27, 2012
Daisy,
If you have a signed agreement of sale, you may have to move forward to settlement, if you are just listing and have no signed agreement of sale then you can easily withdraw your home from the market. If you do have a signed agreement of sale, you need to consult an attorney as soon as possible.
0 votes Thank Flag Link Wed Jun 27, 2012
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