Mandeville, LA asked in Contracts for Louisiana

Q: Our buyers are trying to back out of a contract. Can they do that

Currently have a contract signed with a contingency for our buyers to sell their house.

They now have their house under contract and ready to go to act of sale. WE had to sign an extension for them to find a buyer because the contract had expired. Our contract now ends Oct. 31. We need to sign an extension to continue , they are refusing to sign an extension, even though they have meet everything as well as us. They have drug this ordeal on for months now with our house being off the market. Can they really cancel the act of sale or can I sue them. do I have any rights to protect. me

They are claiming that they cannot afford to buy the house now because they had to take a lower offer on their house. THere is nothing backing that up. Their lender has approved them.

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1 Lawyer Answer

A: This is a common situation and, if the agreement with your buyers is legally enforceable, there are probably a few options for you to choose from. You should consult with an attorney in your area.

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