Legal Question in Real Estate Law in Arizona
Material breach of sales contract & recovery of home.
I recently sold my home. I agrred to carry the financing. Buyer was given pre-posession and in return paid an advance of $5,000. In addition buyer agreed to make monthly payments to start 6 months after mutual acceptance of the sales contract. There were some delays in the closing of escrow but is now ready to close. Buyer is now 6 months behind on the payments. In addition buyers verbally stated that they were licensed Real Estate Agents in the state of Calif. They did not disclose this info in writing, (which Arizona R.E. Law requires), and it turns out they are indeed not licensed Real Estate Agents anywhere. I would like to cancel the contract, have them forfeit their $5,000. preposession payment, and recover the home. Is this possible?, And what is the best way to go about it. I have already served them with a Breach of Contract notice.
2 Answers from Attorneys
Re: Material breach of sales contract & recovery of home.
It is not appropriate to give you any information about your rights, duties and obligations under your agreement, without first seeing your agreement and understanding what transpired to bring the situtation to this date.
I suggest that you retain a lawyer immediately and bring a suit for breach of contract and any other causes of action that you may have. Further, you do not want to close escrow or place a cloud on the title to the property. So, take action without further delay.
I would be happy to consult with you on this case. I charge a fixed fee for the consultation and there is no obligation beyond payment for the consultation.
Re: Material breach of sales contract & recovery of home.
It is necessary to see the operative documents to learn what was agreed to. One possibility that may exist is to evict the "buyers" as hold over tenants since there's been no closing. Affirmative misrepresentations or omissions of material fact may serve as a basis to cancel a contract.
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