Seller refusing to close on the day of closing? Specific Performance may be the remedy.
Once a party signs a contract they have created obligations which they must follow. One of those obligations is to close if the buyer has satisfied all contingencies. If the seller has refused, the buyer may sue for specific performance which is an action that may force the seller to go through with the closing.
Additionally, the seller would be responsible for the buyer’s attorney fees and costs. The buyer may also place a lis pendens on the property, thereby preventing the seller from selling the property again.
Don’t forget about the listing agent! They would also have a claim against the seller for not going through with the contract.
The information presented in this “Tuesday Takeaway” is intended for informational purposes only. This information should not be used as legal advice applicable to a specific situation. In addition, our provision of this information to an individual in no way constitutes an attorney-client relationship.