Legal Question in Real Estate Law in Florida

Re: Can Seller cancel contract based on inaccurate information given prior to si

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Generally, a Contract is a binding agreement between two parties and is enforceable in a court of law. You have raised some interesting issues regarding the Buyer/Realtor providing a market study analysis which shows the property to worth substantially less than the actual market value. I believe that the Realtor may have breached his/her ethical obligation to deal in a fair manner with your father and brother. More specifically, the realtor may have violated the rules of the Florida Real Estate Commission (FREC).

It is important to know whether the Realtor disclosed his/her status as a Realtor on the face of the Contract. If not, there could be serious reprecussions. Also, just how much did your brother/father rely on the Realtor's representations as to value.

I strongly suggest that you consult with an experienced real estate attorney to discuss all of the specifics of your situation. While compromise may be a reasonable answer to your situation, the facts may help define the scope of a settlement.

Scott R. Jay, Esq., 305-249-8000