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I received an offer to have a vacant lot in a Florida

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Second opinion] I received an...
Second opinion] I received an offer to have a vacant lot in a Florida association purchased from me. The price was established in an agreement on line signed by both we, the owners and the prospective purchasers. We, the owners, made a minimal security payment of some twenty dollars. Since then, the prospective buyer has backed away or reneged on the offer apparently since there are no utilities immediately available. Do we have any recourses?
Submitted: 7 months ago.Category: Real Estate Law
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Answered in 16 minutes by:
10/6/2017
Real Estate Lawyer: Barrister, Lawyer replied 7 months ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 41,654
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

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Since then, the prospective buyer has backed away or reneged on the offer apparently since there are no utilities immediately available. Do we have any recourses?

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Legally yes, realistically no. What I mean is that you could sue the buyer for breach and get a judge to order the sale to continue or to compensate you for your damages.. So legally you are in the right.

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But practically, you would have to pay an attorney thousands of dollars to hire them to sue, and it would likely take a year or so to get a judgment. And then you don't know if you could actually collect on one..

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So that is kind of where you stand and why it is always best to demand a decent downpayment to guard against things like this in a buyer default..

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As an aside, in addition to being an attorney, I have also been a licensed Realtor for over 15 years...

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thanks

Barrister

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Real Estate Lawyer: Barrister, Lawyer replied 7 months ago

Hello again,

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I just wanted to touch base with you and check in.

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Did you have any further questions I can help with?

.

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Thanks much

Barrister

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Barrister
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 41,654
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Experience: 17 years real estate, Realtor. Landlord 26 years

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