Is there a way to get out of buying a home just before closing?

[watupsmokie]

So you are backing out because you could make more money somewhere else. Your integrity, I see, does have a price.

That is the dumbest thing I've ever heard. Especially at a gambling forum of all places! :youmad: His money. He can do whatever he wants. Where does integrity come into play? You think his agents are gonna lose respect for him or something? Whatever! It's called.... BUSINESS.

 

[BowlMeOne]

Take on a partner, and buy em all

 

[joeyfitzclick]

Maybe, maybe not. I'm not looking for an argument as we are both trying to interpret a contract we haven't seen. However, specific performance is rarely (like almost never. I have literally never seen it in a purchase agreement as a seller's remedy) a seller's remedy. I would be stunned if a custom form residential purchase agreement provides for specific performance as a seller remedy.

You are more likely to see something like this, which specifically references that the seller's sole and absolute remedy is retention of the deposit

[FONT=&quot]In the event that Buyer fails to timely perform all of Buyer’s obligations under this Agreement, including, but not limited to, closing Escrow as and when required by this Agreement and/or timely depositing the Initial Deposit and/or Additional Deposit with Escrow Holder, then Seller shall have the exclusive right to (i) waive such default, or (ii) be released from all obligations in law or equity to convey the Property to Buyer and as Seller’s sole and exclusive remedy for a default hereunder, by written notice to Buyer and Title Company, Seller shall be entitled to terminate this Agreement and be entitled to receive the Deposit plus accrued interest thereon, not as a forfeiture or penalty pursuant to California Civil Code Sections 3275 or 3369, but as full liquidated damages pursuant to California Civil Code Sections 1671, 1676 and 1677. Buyer and Seller acknowledge and agree that actual damages will be extremely difficult and impractical to ascertain. Therefore, the sum represented by the Deposit plus any accrued interest thereon shall be deemed to constitute a reasonable estimate and agreed stipulation of Seller’s damages and shall constitute Seller’s sole and exclusive remedy in the event of Buyer’s default in the performance of its obligations hereunder.[/FONT]


BTW, from what purchase agreement did you get that? BTW, that language doesn't reference that anyone has the right to specific performance, only explains what it is.

Not looking for one either, my tone is missing from these posts, but I can assure you it was not argumentative. The specific performance clause is included in the standard P & S around here and I have run into this situation in the past (very rare). The threat of SP is there but for the most part the sellers agree to an amount equal or greater than the 5% in escrow as compensation for their 'loss'.

 

[fhmesq44]

I didn't think you were, just wanted to be clear I wasn't being argumentative either. That is crazy, and kind of dumb too. I would never let a buyer sign a purchase agreement w/ specific performance as a seller remedy. Tantamount to malpractice IMO.