Do I have to rent to a specific person if we have a signed contract if I decide I need to sell instead?

After filing for divorce for particularly heinous reasons, my kids (4) and I wanted out of our family house. I put my house up for sale by owner and started looking. I got a contract of sale, but the buyer then became flaky, saying he wanted the property to flip and if he didn't have a buyer by our close date, then he couldn't go through with it, so as an alternative, I started looking for a renter. I found a renter, and because the buyer told me that he could not buy at close, renter and I signed a lease agreement for one year term with 8 months prepaid due to her poor credit. At the time did not have a house to go to yet, so we did not enter a start date on contract. Now the old buyer is wanting to proceed with purchase and I really want out of it. Am I bound to go through with it?

Cleveland, TN -

Attorney Answers (1)

Ryan Adam Ballard

Ryan Adam Ballard

Litigation Lawyer - Rexburg, ID
Answered

It's hard to answer this question without seeing the purchase contract you had with the buyer. Did it have a purchase date that has passed? Did buyer do anything to formally notify you of his intent not to purchase? If the closing date has passed, then the buyer can't simply opt back in.

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