Q: See below
If a seller backs out of a sale for a higher price ,
What recourse does the buyer have after posting deposits, finance commitment etc.and during there due diligence period ...?
Residential sale ...
A: If you have a contract, you can file a case and place a lien on the property so they cannot close with anyone but you. Expensive, but might be worth it.
Barry E. Janay agrees with this answer
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- New York
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A:
If you have a signed contract you may file a Lis Pendens (Notice of Pendency) and commence an action for specific performance, assuming you did not waive your right to do so. If you have no signed contract, you have no recourse other than a return of any deposits delivered.
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A: If you have a duly executed Contract of Sale and have put up a deposit in earnest the Seller is bound to close with you. If the Seller refused then you can start a legal proceeding for breach of contract requesting the remedy of Specific Performance (forcing the sale of the house to you).
A: What are the terms of escrow re: that? Why did the seller back out? More details are necessary to provide a professional analysis of your issue. The best first step is an Initial Consultation with an Attorney. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website, www.AEesq.com. I practice law in CA, NY, MA, and DC in the following areas of law: Business & Contracts, Criminal Defense, Divorce & Child Custody, and Education Law. This answer does not constitute legal advice; make any predictions, guarantees, or warranties; or create any Attorney-Client relationship.
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