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Q: - "We sold our home, must close on the transaction and move out. We bought a house but just got a call from the seller who said he changed his mind and will not sell us the house. We have no where to go. What do we do?"
A: - A seller may get a better offer for his house or learn that his house was worth more than he had contracted to sell it for, and now he desperately wants out of the contract. I see cases such as this in my office all too often. These situations are perfect examples as to why the contracts must be perfect. The good news is that if the contract was well drafted, you can force the seller to sell and if the "standard" FARBAR real estate contract form was used you will be able to recover legal fees and costs of a suit. The bad news is that our court system is backed up, and even in the best case it may be three to four months before the case is heard by a Judge, and maybe several months after that before the matter is resolved. The up front costs of the suit will be between two and three thousand dollars.
The best way to get out of trouble is to not get into trouble in the first place. This means having a good contract. In real estate, the contract is everything. If you have a good contract the closing is just a formality.
The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Before you decide, ask us to send you free written information about our qualifications and experience.