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?
Real Estate Attorney
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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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.
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