Legal Question in Real Estate Law in California
how much time does a seller have to change their mind about selling once monies have been deposited?
3 Answers from Attorneys
None. Unless there is some kind of seller's contingency in the contract, which is EXTREMELY rare, the seller has no right to change their mind once the contract is signed. The only way the seller can get out is if the buyer fails to perform under the contract, such as by failing to withdraw a buyer's contingency within the time allowed, or failing to make an additional deposit of funds if that is called for in the contract. But if the buyer dutifully proceeds through the processes called for in the contract between signing and closing, the seller is stuck with the deal.
I might add that, whereas the loser in most civil suits is stuck with a judgment for money damages, when the suit involves a seller's attempt to pull out of a real estate deal, the court may and often does order "specific performance," i.e., the seller is ordered to carry out the sale, probably in addition to paying the buyer's costs of suit and other money damages. Also, most real-estate sales contracts contain an attorney-fee provision.
None. The buyer has an enforceable contract as soon as the purchase agreement is signed. There is no 'do over' or 'sellers remorse' excuse. If you are the buyer and the seller is trying to back out, you don't have to let him. You could sue if necessary to force the sale.
If serious about hiring counsel to help in this, and if this is in SoCal courts, feel free to contact me. I�ll be happy to help fight and get the best outcome possible