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My name is Ann
3 months ago
12

For some reason, the seller of a home at 123 Mulberry Lane decided not to close on a sale transaction on closing day. The seller

called the title company and told them she would not close the transaction but would not say why. The buyer has a moving truck, already loaded with his things, sitting in front of the home, waiting for possession of the new property. Since the seller refuses to close, what can the buyer do?
Business
1 answer:
Nady [3.6K]3 months ago
3 0

Response:

The buyer has the option to pursue specific performance of the contract. In real estate transactions, to be able to take legal action for specific performance, the buyer must have the necessary funds (or mortgage) ready for closing. It’s challenging to claim damages due to the unwillingness of the seller to proceed with a house sale, as houses are unique; similar properties may vary greatly in value depending on their locations.

By pursuing specific performance, the non-breaching party requests that the other party fulfill their obligations under the contract.

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