Legal Question in Real Estate Law in Oklahoma

Buyer backs out of contract

What are my legal rights if the buyer of my home backs out of the contract 5 days before closing? The home was a fast sale...and agreed to be sold as is. It was in foreclosure status and up for Sheriff's Sale in and around the same time frame as we were to close the deal. They want my wife and I to sign a release so they can get their earnest money back...after having us already move earlier than we needed to and cause my wife and I unnecessary anguish and heartache.


Asked on 2/24/03, 4:58 pm

1 Answer from Attorneys
Hunt John Urgentlegalcare.com

Re: Buyer backs out of contract

I am assuming that you did not have a written contract or at least one that is normally used in home sales or it would spell out what your rights are. This could go either way if a judge were to have to decide it. If you are the one holding the money I think I would hold onto to it as damages for breach of the agreement until a judge told me otherwise. But I cant predict how a judge would rule.

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Answered on 2/24/03, 6:28 pm


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