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We where under contract with a couple to sell our home to…

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We where under contract...

We where under contract with a couple to sell our home to them. They cancelled the contract on Friday night at 6:30 pm. With no explanation except they checked the box saying cause was the inspection. We had a right to correct the inspection problems that where the problem. Except there was no inspection problems stated in there cancellation. Do we have any rights to enforce the contract at this point? Do they get there earnest money back even though it states that the earnest money is to go back to the buyers?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Yes Westcliffe Coloardo

Lawyer's Assistant: Has any paperwork been filed?

What paper work are you referring to?

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Is the contract enforceable?

Submitted: 1 year ago.Category: Real Estate Law
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Answered in 5 minutes by:
9/11/2017
Real Estate Lawyer: Legal Eagle, Lawyer replied 1 year ago
Legal Eagle
Legal Eagle, Lawyer
Category: Real Estate Law
Satisfied Customers: 15,758
Experience: Licensed to practice before state and federal court
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Real Estate Lawyer: Legal Eagle, Lawyer replied 1 year ago

I’m sorry to hear about your situation. Generally, parties are allowed to cancel a home sale contract before closing without penalty unless agreed to otherwise. If there are conditions that must be met before the contract can be performed, and one party believes that the condition was not met and cancels the contract, then their belief must generally be done in good faith. Under the Uniform Commercial Code Section 1-304, every contract comes with implied promises from both parties that they are going to be acting fairly toward one another. The failure of one party to act fairly toward the other can result in a breach of contract. In your case, if there is nothing expressly that says that you can keep the earnest money, then the answer is no, generally you won’t be able to keep the earnest money. My recommendation would be to work with the buyers to find out what went wrong with the inspection and what it is that you can do to make it better. Otherwise, unless it says that you can keep the $, I would give the money back or else they may sue you for it, which would be unnecessary if you are trying to sell your home.

Also, although I provided an initial answer, it’s important that you are 100% satisfied. If you feel I have done so, please rate me 5 stars and let me know if you have any follow up questions. As a side note, you can also click here in the future to request me individually.

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