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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33788
Experience:  15 years real estate, Realtor. Landlord 26 years
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I am in baton rouge,la.Ihave signied a purchase agreement on

Customer Question

I am in baton rouge,la.Ihave signied a purchase agreement on my home.We will close on the 30 th of this month.The home I was supposed to purchase flooded.What will happen if I back out of purchase agreement?
Submitted: 3 months ago.
Category: Real Estate Law
Expert:  Barrister replied 3 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney whowill try my very best to help with your situation or get you to someone whocan. There may be a slight delay in myresponses as I research statutes or ordinances and type out an answer or reply,but rest assured, I am working on your question.

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If you were to terminate the contract and refuse to sell, then the buyer has a couple options... they can sue you for "specific performance" to force you to continue on with the sale or they can agree to terminate and walk away, getting their deposit back, or they can sue you for damages if they have spent anything towards the purchase like an appraisal.

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But since a specific performance lawsuit could drag out a year or longer, most buyers won't take this route and will normally just settle if the seller reimburses them for any expenses and refunds their deposit..

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thanks

Barrister

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