Q: In Kentucky, can a buyer withdraw their offer after seller accepts when contract states only contingency is financing.
I’m selling land in Kentucky with no structures on it. Same realtor representing both parties. Realtor sent a contract from the buyer agreeing to fill asking price, with the only contingency being based on financing. Realtor told me via text the buyers already told her they had financing lined up. Contract stated the offer was valid for 24 hours and buyer could withdraw at any point until I accepted the offer.
I accepted the offer via text, then followed up by accepting via written contract that automatically sends the contract to the realtor. Realtor texts me a couple hours later to say sorry buyer has withdrawn their offer. I don’t believe any deposit or money was paid yet. I told the realtor I believe we have a legally binding contract since I accepted in writing and notified her well before they withdrew.
Can the buyer withdraw their offer after I already accepted and the only contingency in the contract was for financing which they already have?
A: If they withdrew bf you signed the contract accepting, the offer was withdrawn. If they withdrew the offer after you signed the contract, then you may have a legally binding contract. However, it also depends whether any consideration was required by the contract (ie down payment or earnest money. If there was not refer to above. If there was, you likely have a binding contract.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
