Profile picture for teradlewis

How to enforce purchase contract?

We have a purchase contract for a house located in Mayfield, Kentucky.  Our original closing was set for Dec 16th, and we've signed two extensions and are now supposed to close by next Fri, Jan 9th.  The seller is about to enter foreclosure.  The only hold up is the seller signing some forms for USDA/Rural Housing (who holds her mortgage) so that the payoff amount can be released to our loan officer at US Bank.  The seller is refusing to sign because they want her W2 forms and has told her agent she is going to show them.  Is there anything we can do to enforce this contract? To get the forms signed and move on to close the deal? 
  • January 03 2009 - Murray
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (1)

I hope you managed to resolve the problem by now but if you haven't speak to your agent in Kentucky about the provisions for enforcing a contract. In Utah if the terms of a purchase contract are not performed as agreed the injured party is usually entitled to liquidated damages in an amount equal to the Earnest Money Deposit. a good reason for a buyer to have a reasonable amount as a deposit. It is also possible but seldom used, a suit for specific performance may be initiated. Again, check the law in the state the transaction is taking place. 
  • February 28 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.