Question Details

Jenny Volkart, Home Buyer in Gastonia, NC

The seller defaulted on a signed contract 4 days before the closing due to lack of finances...

Asked by Jenny Volkart, Gastonia, NC Wed Jan 9, 2008

there were no contingincies in the contract for the seller. I gave my notice to my landlord and in two weeks will have to move or pay $150 a month for a month to month rental, or sign a 6 month lease with a smaller rent increase. What recourse do I have? My attorney is working on getting some compensation.

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Most state approved contracts have a remedies clause. If the buyer defaults the seller keeps the earnest money. If the seller defaults the buyer can terminate, or demand specific performance (legally force the sale) either way keep track of every penny you spend as a result of the sellers actions. If your attorney is unable to get you something of value, you can always sue for damages.
0 votes Thank Flag Link Wed Jan 9, 2008
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