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Can I be sued for breach of contract for refusing to sell property at the specified time in the contract?

Hadley, NY |

The closing was to have been approx. 6 weeks ago, but a judgment was discovered during the title search. The buyer offered to buy the property if I agreed to take off the amount of the judgment from the selling price and he would assume the debt. The estate attorney said he is "working" on getting the judgment settled and to wait. This was several weeks ago. Now I received a call from the buyer saying he is considering a lawsuit for breach of contract and for the money he is losing because of the delay. I called my attorney again only to be told he is still trying to resolve the judgment. Should I worry about the buyer's suing the estate?

Attorney Answers 3

Posted

You can possibly be sued for specific performance to force you to close. Your contract should allow you a period of 30 to 60 days to clear the judgment. Unless the judgment amount exceeds the sale price you can be forced to close. You could also escrow money to settle the judgment at a later date and close now. This should not be escalating to a lawsuit. Speak with your attorney. He should be able to explain all your options in detail based upon the terms of your contract.

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Posted

You are represented by an attorney, so all another attorney can really tell you to do is to "talk to your attorney." This frankly sounds like something that you should be able to work out with the buyer, without this going to court. I would certainly make every effort to do so. I would suggest that you refer the buyer to your attorney and try to get this worked out.

James Frederick

***Please be sure to mark if you find the answer "helpful" or a "best" answer. Thank you! I hope this helps. ***************************************** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and Ingham Counties. My practice is focused in the areas of estate planning and probate administration. I am ethically required to state that the above answer does not create an attorney/client relationship. These responses should be considered general legal education and are intended to provide general information about the question asked. Frequently, the question does not include important facts that, if known, could significantly change the answer. Information provided on this site should not be used as a substitute for competent legal advice from a licensed attorney that practices in your state. The law changes frequently and varies from state to state. If I refer to your state's laws, you should not rely on what I say; I just did a quick Internet search and found something that looked relevant that I hoped you would find helpful. You should verify and confirm any information provided with an attorney licensed in your state. I hope you our answer helpful!

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Posted

Your attorney should help you mitigate this situation. Call them and see what they can do to help

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