specific performance

Hi. I live in NC. I listed some rental property (2 houses on almost an acre) with a licenced real estate agent. She brought me a signed Offer to Purchase about a month ago. the prospective buyer had contingencies for financing and a satisfactory inspection. Both were easily met. We are supposed to close this Wed., Nov 1. This weekend the buyer got "cold feet" and wants to back out of the deal. I have heard of suing for "specific performance" and I wondered if it was worth me going to a local lawyer to try to make the buyer complete the deal. Thanks Phoebe

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by phoebe pollitt:
Hi. I live in NC. I listed some rental property (2 houses on almost an acre) with a licenced real estate agent. She brought me a signed Offer to Purchase about a month ago. the prospective buyer had contingencies for financing and a satisfactory inspection. Both were easily met. We are supposed to close this Wed., Nov 1. This weekend the buyer got "cold feet" and wants to back out of the deal. I have heard of suing for "specific performance" and I wondered if it was worth me going to a local lawyer to try to make the buyer complete the deal. Thanks Phoebe<HR></BLOCKQUOTE>

How much did the Buyer put down as earnest money and what was the agreed upon sales price?

The earnest money is $500.00 and the agreed on price is $125.000 Thanks for your interest and reply.

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by phoebe pollitt:
The earnest money is $500.00 and the agreed on price is $125.000 Thanks for your interest and reply.<HR></BLOCKQUOTE>

It does not seem worth it to litigate.

But would I have a "case" to litigate on specific performance or some other legal doctrine, if I chose to do so? Thanks Phoebe Pollitt

Yes, in theory you do have a case. "Having a case" and having a case worth the effort of fighting are two different matters, of course, but you do have a case, the classic case, in fact for which the legal remedy is specific performance. Good luck.

lawbabe said:

Yes, in theory you do have a case. "Having a case" and having a case worth the effort of fighting are two different matters, of course, but you do have a case, the classic case, in fact for which the legal remedy is specific performance. Good luck.

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lawbabe, since the original post was 7 years ago, I'm sure the statute of limitations has run out by now. You might want to look that term up in your textbooks.

Indiana Filer said:

lawbabe, since the original post was 7 years ago, I'm sure the statute of limitations has run out by now. You might want to look that term up in your textbooks.

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**A: you mean I have been posting for almost 7 years now? Wow.