We have a contract on a property in Myrtle Beach SC. A couple of days before closing the seller's agent told us that they were refusing to pay half of an elevator assessment that we specifically called out in contract. Because of this we did not close. Also, we learned that there were false disclosures where the owner told us that they occupied the property and they actually rent it out and have a contract with a management company. I myrtle beach, the law requires that new owners honor leases and management contracts for 90 days which also would have kept us from taking possession of the property and living in it like we wanted. Can we sue to either reclaim all money spent on closing? Can we sue both the realtor and seller for disclosure fraud? Realtor knew disclosures were wrong.
Contracts / Agreements Lawyer
You need to review your contract to see your remedies for this situation. Some contracts provide that a party will be liable for certain costs if a sale is not closed, so you may be able to recover your closing costs.
Family Law Attorney
You can probably sue. Even if you decide to go to small claims court where you can sue for up to $7,500, it probably wouldn't hurt to at least have a consultation with a real estate litigation or general practice attorney to review your contract, any addendums, and the seller's property disclosure and give you some pointers before going to court.
The foregoing is for general information purposes and does not establish an attorney-client relationship.