Nevada Complaint - Breach of Home Purchase Agreement Due to Refusal to Close Escrow and Transfer the Property
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How to fill out Nevada Complaint - Breach Of Home Purchase Agreement Due To Refusal To Close Escrow And Transfer The Property?
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FAQ
To be perfectly clear, you can always back out of a real estate purchase contract at any time before closing. There's no way the seller can force you to actually purchase the home. However, if there's no valid reason for backing out as defined in the contract, you'll likely lose your earnest deposit.
When the buyer misses the closing date, the seller has the right to terminate the contract and re-list the house for sale or contact other parties who had previously made offers on the property. Terminating the contract is a radical move that doesn't always benefit the seller.
Many buyers will let you cancel if you ask them, (the average person doesn't like forcing a sale). But if the seller refuses to cancel, and you still back out, he or she could file a lawsuit. If so, a judge could find you in breach of contract and compel you to buy the house.
Finally, a seller may refuse to close on a sale if they have failed to complete all the repairs required under the terms of the contract for sale. It's important to keep in mind that none of these reasons justifies a refusal to perform under the contract by closing escrow and vacating the property.
Whether one party to a contract has the right to force to the other party is referred to as Specific Performance. Generally in a home sale contract, the Buyer does have the right of Specific Performance, meaning they can force the Seller to sell them the home.
Once the time limit has expired on the contingencies, you can still walk away from the house right up until closing, although you may lose your deposit. This is called liquidated damages. The seller could potentially sue you for specific performance, which means that you would be required to complete the contract.
If you back out of the deal for any reason that's not stipulated in your contract, the seller could show up to the closing table without you and sue you for specific performance. That's when a court requires you to fulfill your end of the contract, and buy the home anyway.
For example, the contract might state that if the buyer fails to close without good reason, you are entitled to "liquidated damages," which is a set amount of money (usually, the earnest money payment), and that you are not allowed to pursue any other legal remedies.