Legal Question in Real Estate Law in Georgia
Seller no longer wants to close
I entered a purchase agreement with a real estate agent to purchae his personal home. The closing date of May 1st was missed due to the appraisal which needed revising to be meet underwriter requirements of comparables. I sent the seller an addendum to extend closing date. He did not sign it stating it wasn't necessary as he was certain that the loan would close. As he is licensed real estate agent, I figured he would proceed ethically. The lender is now ready to close. When I called the seller to provide the closing date information, he informed me that his wife is no longer interested in selling. In addition, he state that since the agreed closing date in the original contract had passed he was entitled to keep the $5000 paid as escrow. I still want to purchase the property or at least get my escrow funds back. In addition, I paid his past due property taxes in order to apply for rezoning and spent several thousand dollars on rezoning applications, etc. All of which he knew about and agreed to ... even signing the zoning applicaiton. What recourse do I have?
2 Answers from Attorneys
Re: Seller no longer wants to close
Since you apparently are going against a seasoned professional, who is familiar with contracts, you need to employ an attorney to represent your interests. An attorney will need access to all of your communications in order to develop your options. Your questions are within the scope of my practice; therefore, please feel free to contact me in the event that you wish to pursue legal action.
Re: Seller no longer wants to close
You may have a case for fraud and/or other possible remedies. Licensed real es tate professionals are held to a higher standard than lay folk. Consult with a local attorney.
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