Legal Question in Real Estate Law in Wisconsin
Real Estate
I have sold my home for cash and the people who bought it were supposed to put down 100,000. The bank account from which that money was coming from had a freeze put in it because of the amount of money. Now the people are giving us and my realitor the run around. We are not getting straight answer from anyone regarding where this money is and if we are still going to get it. All of the legal documnets are signed and all the continginces are met on our end of the agreement. Do we have a leg to stand on if we take legal action against these people?
1 Answer from Attorneys
Re: Real Estate
Because your question involves determining the rights of parties under a contract any good answer would require a review of the contract documents. Assuming that all contingencies to the contract are satisfied and that you are using the WB 11 Offer to Purchase, the Buyer may be in DEFAULT. If that is the case you may be able to file an action for specific performance (to force the buyer to buy) or a suit for actual damages. You may also ask for the earnest money as liquidated damages but then you give up your right for actual damages. The issue here is 1) whether the buyer can actually buy the property even if a court orders it and 2) whether the buyer has the resources to pay for damages. You see, it is not enough to ask if you have the right to sue - you need to ask whether there is a pocket to recover from if you win. Please feel free to contact me with additional questions at 608.255.5870.
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.
