Legal Question in Real Estate Law in Rhode Island

What rights do I have when seller tries to back out of deal twoo weeks before cl

Two weeks prior to closing on the house, we have been informed that the seller decided not to sell. The mortgage is in closing, insurance binders sent, evrything has been done. They signed the purchase and sales agreement. We have paid quite a few dollars for inspections, rate locks, etc, as well as I took the money out of my 401K for the down payment and closing cost. I am going to get penalized on that with taxes, plus I can not contribute for 6 months to the plan. What about all the investment on that money.

The bottom line is we STILL want the house very much. Our attorney is ''Working on it'' but I would love to hear another opion on this issue.

Regards,


Asked on 9/16/03, 12:02 pm

1 Answer from Attorneys
David Slepkow Slepkow Slepkow & Associates, Inc.

Re: What rights do I have when seller tries to back out of deal twoo weeks befor

Thanks for the email. It sounds like you need to file a lawsuit seeking specific performance of the purchase and sales agreement. In other words a lawsuit asking the court to order them to sell you the property. When you file that lawsuit you would put a lis pendens on the house preventing them from selling it to anyone else while the lawsuit is pending. A lis pendens is very similar to a lien . You also could seek damages for the losses you suffered. Please call me if you want to set up a free inital consultation.

David Slepkow

Slepkow Slepkow & Bettencourt Inc.

401-437-1100

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Answered on 9/17/03, 2:01 pm


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