finance performance
finance performance
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Specific performance may be arranged in a buyer in a real estate transaction?
Specific performance is usually ordered a seller who refuses to sell their property when they are under contract. But what if the buyer under contract refuses to buy the property, and no terms in the contract that allow you to do, even if he / she can not get financing? Can the buyer had requested, and a court order, compliance specific? FYI – I am acting as the seller, and I have a lease purchase with the prospective buyer soon. I bought the property specifically for This buyer would be able to buy from me after a year. It worries me as my legal recourse if he / she draws back.
Depends largely in the state in which this is happening. In Texas, real estate contracts specify that you may lose your earnest money and be sued for specific performance. Compliance Our contract specifically refer to any party backing out, not only the seller. Note that there are things you can do to get one out, but usually they involve option periods, the time to finance, etc. Email me if you have any further questions.
