Legal Question in Real Estate Law in Indiana

I entered into a contract for sale of real estate with a private owner. The terms of the contract are down payment of $1500 balloon in 2 years, due to divorce I could not fill contact. I gave a thirty day notice and left property clean. Now almost 2 moths later he is suing me for purchase price however he also already the sold the property outright cash to another buyer. Can he sue me for purchase price stated in contract?

Thank You

Rachel


Asked on 5/07/11, 3:23 pm

1 Answer from Attorneys

Without seeing the terms of the agreement, I cannot say definitively. However, the general rule is that he can sue you for the difference between the sales prices and what you had agreed to pay, if the actual sales price is less. However, there are nuances and you really should consult with an attorney,

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Answered on 5/08/11, 7:07 am


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