Home for Sale Contract Help?

Business 3 views 2 answers
I am the owner of a home, and my contract says that the tenant will purchase in 1 yr with down payments of 10,000 due in 90 days, and 15,000 due in 90 days after. It is the 8 month now and we have not received any down payment. We were being lenient with the buyer because his business was slacking. We now know he has money, but he is getting cold feet. The contract says he has 1 yr to purchase and if he chooses not to buy he will lose the 25k down payment. But no down payments has been made, so what can i do, if he chooses not to buy the home. Am i entitled to the 25k? Anyway to force him to buy the home? any ideas?

Attorney Answers

2
Theodore Robinson ·
You may insist upon what's known as "specific performance" on the contract, however, it then comes down to the question of whether there was any consideration (i.e. money or promises made) in return for your taking the house off the market. If there was some sort of consideration and you had a legitimate offer and acceptance and a meeting of the minds between you, then you have a valid contract that can be enforced upon him. Hire a good lawyer and pursue it. Good luck.
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Pamela KoslynBusiness AttorneyLos Angeles, CA ·
Your contract governs this transaction and provides your rights and remedies. You need to see a real estate litigator to have your contract reviewed. It may provide for mediation or arbitration, rather than suing in court, or it may require that you make a written demand for performance for any breach and give the other party 30 days to perform before taking action. Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on, since each state has different laws, each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship.
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