Can the real estate seller pull out of a deal?

[joeschmo]

I’ve found the lot I want to purchase. Twice now, the seller has gotten cold feet. The first time during negotiations, the seller got wind that he could get more money for the lot and said he didn’t want to sell. A few months later, he put it back on the market, we agreed on a price, signed a contract and I have a deposit in escrow. The closing came and went while the seller was out of town. He claims he could not get a power of attorney but I suspect he wants to pull out again because the prices of land in the area have gone up since we signed the contract. Doesn’t he have any obligation to close the deal? My realtor says he cannot control the seller’s actions.

[Andrew]

I would have thought it depends on the contract.

DISCLAIMER – I am not an attorney and my first question would have to be – What did your attorney say or, did you not have one?

Scott

[joeschmo]

Yes, I have an attorney and she has been notified of the situation. She is checking into the power of attorney for the seller. Our realtor has sent the seller an extension for closing and says everything hangs on him signing it. If the seller doesn’t sign then no deal. Well of course he won’t sign…He can make more money with some other sucker! Our contract is a standard real estate contract. I’ve just never heard of the seller backing out and I cannot find anything online about this type of situation. The seller’s deal is protected by our escrow but the buyer’s deal has no protection?

[marion]

there’s an article in a.m. costa rica about using an options contract when purchasing real estate..it protects both the buyer and seller..sounds like what you need

[joeschmo]

Unfortunately, it sounds like what I NEEDED. Buyer beware.

[Author]

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