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legalgems
legalgems, Lawyer
Category: Legal
Satisfied Customers: 9689
Experience:  Just Answer consultant at Self employed
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We are under contract to sell our home with closing date of

Customer Question

We are under contract to sell our home with closing date of August 12. My husband was admitted to the hospital last Friday with a serious medical condition and is still in the hospital. The buyers are refusing to set a new date and want us out. We were going to Florida and don't even have a home yet. Do I have any recourse? My realtor says no.
Susan B. Couillard
Submitted: 11 months ago.
Category: Legal
Expert:  legalgems replied 11 months ago.

I am so sorry to hear this;

Unfortunately, from a contractual perspective, the parties are bound by the closing date as set forth in the contract. If the sellers are unable to comply with that date, and there are no contingencies per the contract that would excuse non compliance, the sellers would need to comply with the date, or they will be in breach of contract. When one party is in breach of contract they are liable to the other side for economic damages incurred- so for example, for storage costs, alternative housing, etc. That may prompt the buyers to consider the breach to be material and can result in rescission of the contract. The realtor would be able to sue for lost commissions since the contract was breached.

Sometimes in situations such as this the seller will try to negotiate- for example, offering monetary compensation for an agreement to delay closing; or requesting a "rent back" so that the sellers still close on time, but rent the property back. All of this is at the discretion of the parties.

Unfortunately contract law does not take into account humanitarian considerations and both parties remain liable per the terms of the contract.

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Information provided is for educational purposes only. Consultation with a personal attorney is always recommended so your particular facts may be considered. Thank you and take care.

Expert:  legalgems replied 11 months ago.

Checking in on the above;

thank you for using Just Answer!