Real Estate Law
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You may file an action to force the seller to comply with the terms of the contract and sell the property to you. This is called specific performance. Alternatively, you can file suit for monetary damages to compensate you for your losses
If you sign the release, you may waive your right to proceed to force the sale or obtain money damages
You asked me for your options:-)
I can say that typically a court will award monetary damages or force the sale when the seller chooses not to sell according to the terms of the contract.
You may want to take a look at the contract to see if you are entitled to attorney's fees if you file suit against the seller
It can take several months to file suit and obtain relief
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