Q: Real Estate Law Question Can the seller back out of a signed agreement to sell a piece of land to a real estate agency
We are under non binding agreement with a builder/agency to build a new home. The land was supposed to be purchased months ago. We just found out the reason for the delay is the seller potentially trying to back out of the sale due to the tax implications to the town for selling. The agency has confirmed they have a contract in place for the purchase of the land and their attorney is pushing for closure.
Can the seller back out? If this goes to court, how long will it take to hash out? We have a decent deposit on the line and want to know if it’s best to walk away from this situation or hold out to build. The builder wants us to progress to purchase and sale but we don’t know how they can do that without owning the land yet. Thanks!
A: Your agreement with the seller governs what rights the seller has to back out of the deal and your rights to your deposit. This is not an ordinary purchase transaction and I strongly suggest you consult an attorney for a thorough review of all relevant documents.
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