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What if you rent an apartment and on the closing day the buyer backs out?

  • November 27 2013 - Florissant
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Answers (3)

First, you will need to discuss with your agent the reason for the buyer backing out.  There are multiple "outs" that are legitimate for a buyer in a contract.  So, you may or may not have recourse or compensation.  Secondly, talk to the property manager about your situation.  They might be willing to work with you and come up with a solution that you can manage until your house sells.  For others that may be faced with this situation, it can be remedied in the beginning by writing up a contract closing date, but a lease-back to you of a week or so.  For example:  closing date is set at March 15, but you pay the new owner (your buyer) a market rent for an additional two weeks.  That way, if the sale doesn't happen, you haven't moved out yet.  It is a little more complicated, especially as you've entered a short-term landlord/tenant relationship with your buyer, but it would help in situations like this.  Your Realtor will be able to write that up. 
  • November 30 2013
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Ask your agent and a lawyer to review the contract.  See if you can keep their earnest money.  And if you have grounds to sue, then sue them!!!
  • November 27 2013
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Am I to understand that you were selling your home.  Had left the property for the buyer to occupy and had rented another place, and then on the closing day the buyer backs out....?  If that is correct you need to take legal action immediately.  So sorry about what you must be going through.  What does your listing agent has to say?
  • November 27 2013
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