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Seattle Scott
Seattle Scott, Lawyer
Category: Real Estate Law
Satisfied Customers: 961
Experience:  I have 25 years experience as a Washington State Real Estate Attorney
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I sold a multifamily property with a 1031 exchange clause, a

Customer Question

I sold a multifamily property with a 1031 exchange clause, a few month later we located a property from a friend's client, we agreed on the price, no appraisal needed so the appraisal was not a condition for the price, and the sell was going to be As is.
the did not want to use a real estate agent in order to save the cost of the commission, and they will provide escrow, by the way I was dealing with the trustee, 2 days before closing escrow the trustee send a note to perform, by then the bank has the loan approved and needed 2 days to finish paper work.
the trustee calls me and finds out that the appraisal required by the bank comes higher than the amount agreed by about 75,000, now she wants 60,000 more or cancels the deals, she knows is a 1031 exchange and I do not have time to get another property
incurring in heavy taxes fro US around 130,000.
do I have a case for breach of contract, malice with intention to harm or similar?
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Seattle Scott replied 2 years ago.

If you have a signed purchase and sale agreement with no contingencies and the price stated then you can sue the seller for specific performance to force the sale if they won't sell for the agreed price., or you can sue for your damages including your tax liability. Whether you can collect on any judgment you get from the court is always another matter.

Who is the "trustee" is the property owned by a trust?