I sent an offer to buy a condo. The seller agreed and signed the offer. They mailed it signed to the listing broker. After it was mailed, the listing broker got another interested party that will pay more. The selling broker claims I did not have a contract since it was not delivered to me or my buyer broker. I say it is a binding contract once mailed.
1 Answer from Attorneys
Real Estate--Seller's Breach of Accepted Offer to Purchase, Suit for Specific Performance
I would need to read over your sales contract before advising you and the issue of when, how, or even if an accepted offer must be delivered to the buyer is probably spelled out there. You may also have an argument that the seller waived any timing defects by accepting the offer. Regardless of what the selling broker tells you, a seller who breaches a binding, accepted offer to purchase can be sued for "specific performance." This could require them to undo the higher offer and sell the property to you, provided that you assert the claim promptly in court. As a practical matter, the seller will probably be willing to pay you something for your trouble rather than face a possible court order for him to sell the condo to you. You should therefore meet with an experienced civil litigation/Real Estate lawyer as soon as possible. Good luck!