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Purchase and Sale agreement

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K

kroquemore

Guest
I offered to buy a house that was put up for sale at the end of January 2000. I agreed on a price with the seller at the beginning of February 2000. We both signed a purchase and sale agreement after counsel. As of the end of March 2000, the seller decided not to sell the house any more. I looked for other housing but have been unable to find anything within my price range in the same area, or something that I like. Furthermore I really like that house. Through my closing attorney I've been told that the seller is unable to secure financing for another house due to credit. They filed bankruptcy a few years ago. Our purchase and sale agreement was not contingent upon the seller finding other living arrangments. I secured all financing and other obligations on my end. I even paid a fee to lock in my interest rate for the loan. The scheduled closing date was for April 28, 2000. An additional offer was negotiated with the seller through the seller's attorney and my attorney in the amount of $5000 more and 60 days to leave. This offer was an addendum to the original purchase and sale that had to be signed by the end of the week. The seller never signed or returned the addendum. It is now June and I am renting an apartment where my lease was up at the end of April. This was why the closing date was aligned for that time, so that I would not break my lease. I am now in the process of being evicted from that apartment. I am a single mom with a 14 month old child and no family in the area. I don't know where I'll go. I've been able to negotiate staying in the apartment til Aug. 31. through housing court and my litigation attorney. I have since had to pay an additional rate lock fee which expires at the beginning of July. The rates have since gone up. My down payment has not grown interest. I want this house. Does the seller have any rights to keep this house based on this info? What are my chances of getting this house and how soon can this happen? Is my attorney dragging his feet trying to settle this matter with them to move under specific timeframes? Should this be left totally up to the courts? I think so. Will this work in my favor of acquiring the house? Help?
 


T

Tracey

Guest
You need to sue for breach of contract and request the remedy of specific performance. The court will order S to sell the house. Whether S has a place to live is irrelevant. Tell your attorney to file the suit and fast-track it.

Also, you might want to bifurcate the case -- split it into specific performance and damages. The specific performance part of the suit can be decided on the documentary evidence alone. Damages can't be calculated until you find a new home or lose your interest rate.

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This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws.
 

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