Legal Question in Real Estate Law in Massachusetts

Re: backing our of sale

You have a major problem.

The potential buyers relied on the placement of the property on the market, as they did when you accepted their offer. Yes, they can go to court and force the sale of the property is everything else goes ok.

The buyers do not have to accept your offer to resolve this matter.

I believe that you should get in touch with a local attorney familiar with these problems, and see if some other deal can be negotiated.

Re: backing our of sale

Your issue boils down to a matter of contract law. One would have to look at the offer to sell agreement in order to determine how you can back out of the deal.

If you need help with this, you can contact me at [email protected].

Re: backing our of sale

The answer to your question depends upon how the Offer was written. This is a frequently-litigated area of Massachusetts law. Beyond that, you really need to have the Offer reviewed by an attorney, to determine if it fits the requirements of an accepted Offer to Purchase which can be specifically-enforced. To be sure, not all accepted Offers can be "specifically-enforced" (i.e., that the Seller can be forced to sell to the Buyer according to the terms set forth in the Offer to Purchase). Among other things, if certain, material terms are absent from the Offer, it may not suffice as "specifically-enforceable." On the other hand, if all necessary provisions are in the written agreement, it can be enforced, but only in strict accordance with its terms.

In a nutshell, signing an Offer to Purchase is a significant act, which the Seller should assume will bind the Seller, even though the Buyer may only have placed a small deposit with the Offer. Regardless, the Seller should always review the Offer with an attorney, to be sure.