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? asked in Politics & GovernmentLaw & Ethics · 8 years ago

Real Estate Law question?

We own a vacant lot near the ocean. We never listed it for sale because real estate value has

been low in that area & we would lose money right now off what we paid for it years ago. We bought it with an existing house on it for $188,000.00 & the back to back hurricanes had other ideas for that beautiful house. It was a great house. Anyway, we had to pay to demolish it & the real estate tanked in the area because of all the damage & fear from the storms. There was a short sale recently on the street for $120,000 & after paying prop. taxes all these years & all the closing costs & 6 percent commission we would lose so much money it isn't worth it. Now years after the storms

the area is finally picking up in traffic, vacationers, new people moving in, all the area has rebuilt.

Still not listing it but we got a good offer on the lot. $230,000.00 which seemed too good to be true & as it turns out it was. Too good to be true as the adage goes. Now we are in over our head with shady buyers, a signed offer contract, a closing lawyer that backed out, no replacement lawyer that will take the closing.

My question is now that the buyer & both joint tenant sellers have all 3 signed the offer contract drawn by a closing lawyer - then the lawyer tears up the escrow deposit check & hands escrow back to the potential buyer - then hands signed offer contract back to the potential buyer. There is a closing date of Dec. 12th on the contract. The shady buyers then take said contract to a title company & tell them the lawyer is still holding escrow when we know he tore up the escrow check.

Joint tenant sellers both want out of the sale - out of the closing - just like lawyer wanted out for

same reasons. Can we now back out of the offer we signed since no one is holding escrow & there is no closing agent without being in breach of contract or could they sue us for damages?

I have tried to get any other legal representation for closing in that area & they all bow & cowtow to the honest lawyer that backed out. I am now taking his lead since they are lying all over town about us. There are too many other steps in this closing where they could change the rules of the game as we go along. But could they sue us for breach of contract?

Please someone answer??

1 Answer

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  • ?
    Lv 4
    8 years ago
    Favorite Answer

    depends on the laws in the area the property is located and the specifics of the purchase contract

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