<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by fatman3:
What leagal ramifications will I incur for defaulting on a purchase agreement? Due to a company sponsored relocation, my wife and I have found a house and have made all arrangements ( loan approval, inspections, appraisals, etc. ) other than Closing. I have now been offered a very lucrative position with another company in the city we already live in and I would like to take this job, however I do not know how much this is going to cost or what leagal problems we will have to face. The new comapny cannot supply enough to offset the cost to my wife and me. They have agreed to a signing bonus, but it will only cover 1/4 of the closing costs associated with the sale of our existing home and repay of moving expenses to my current employer.<HR></BLOCKQUOTE>
You need to review the default provisions in your relocation agreement with your employer. Your employer is entitled to hold you liable for all costs the company has incurred in your relocation to date. In addition, if the relocation company has already entered into an agreement to buy your home and you refuse to sell, they can sue you for specific performance. You will be responsible to pay the other 3/4 of the related costs and if your household goods have already been moved to your new destination, you will need to pay for moving the goods back to where you are. Keep in mind that a relocation company is a third party entity that contracts with employers in the business of relocating their employees. Any costs charged to your employer by the relo company will be assessed to you by your employer.
