Legal Question in Real Estate Law in North Carolina
Escrow Money
If there is a sales contract with owner financing and no escrow money and the seller wants to back out, can they? Would they be required to sell the house and finance it if they have entered into an offer of purchase and both parties have signed it along with a seller's finanacing addendum?
1 Answer from Attorneys
Re: Escrow Money
The buyer would possibly have the option of suing for specific performance. More likely, they would either walk away or try to get some damages from you. Still from your facts, it sounds as if you are concerned about this purchase - the Buyer is not even putting down escrow money and you are financing it. Therefore, it may very well be a good idea not to sell the house. If that is the case, there is probably a slim possibility that the Buyer could even afford an attorney to bring this type of action.
You may want to hire a real estate litigation attorney in your area for a consultation on the possible consequences and to draft a letter to the Buyer terminating the contract.
- Jeff
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
