What if buyer's back out...home under contract

[mark1210]

What is the name of your state? TX

I need some advice, our home is currently under contract (option period expired, home appraised fine) to be sold and I'm debating if it's safe for me to sign a lease at an apartment complex. Can the buyer's back out if the option period has expired and if the home met appraisal? If they did do so, I would be stuck paying mortgage and rent and there is no way I could do both. What recourse would I have? My agent tells me people do it all the time, and they can be held legally responsible for any damages I incur should they break the contract. Is that correct? I just don't want to get messed over. Never sold a home before so this is all new to me. Is it really that common to enter into a lease while still under an obligation to pay mortgage?

Thanks,
JP

 

[JETX]

Until the closing is complete, either party can refuse to complete the sale. Naturally, this might create a lawsuit situation, but it can, and has happened.
There simply are no 100% guarantees.

I would suggest that you try to get a 'sale contingency clause' in any apartment lease you consider. Simply explain the circumstances to the landlord/manager and see if they will agree to waive your lease obligation in the unlikely event that the buyer breaches the agreement. If they do accept that condition, be sure to get it in writing.

 

[HomeGuru]

Another option would be to rent on a m/m basis rather than on a fixed lease.