Now everyone who reads my column knows I am a Realtor, not an attorney. If you want legal advice please consult an attorney. Now you also know whatever I say next is going to be really good so hang on. What does happen when a seller chooses not to sell?
In the purchase and sales agreement it says the buyer automatically gets their earnest money back. The seller is also required to pay for costs of title insurance, a whole bunch of miscellaneous expenses and attorney fees. Sounds reasonable so far and then comes the next part. This payment does not waive any of the buyers lawful rights or remedies. SAY WHAT! YES it means there may be more the buyer can do. What can a buyer do? Well…
The buyer can pursue legal action and sue for specific performance. The WEX Legal dictionary defines specific performance as A contractual remedy in which the court orders a party to actually perform its promise as closely as possible, because monetary damages are somehow inadequate to fix the harm. Most commonly ordered in cases involving real property and rare chattels. If you want a better definition Harvard has a 39 page report you can read. Basically the court will order the seller to sell.
WHAT! Is this like eminent domain? No. The court can order the seller to sell the property under the terms of the contract they agreed to, no eminent domain. Why can’t the seller just give the buyer some money? Pay for all the damages Rich? Well, I’m no attorney; however I believe that the Court does it to make the buyer whole. Every piece of property is unique and because of that the Court believes the only way to make the situation right is to make the seller complete the deal. I am certain there is a very legal reason why this occurs based upon years of law. As the definition says, it is done because monetary damages are somewhat inadequate to fix the harm.
To be honest my dear readers I have heard of this being done. I am not certain why a buyer would choose this path however it is their right under the law. Next week, what happens when a buyer doesn’t buy? All the Best Richie Rich
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