Legal Question in Real Estate Law in Kentucky

What is Seller's rights when a Buyer default's on a home contract

Our home is under contract for sale. Contract was signed two weeks ago and we were looking to close in several days. We were buying another home and its contract was contingent upon this sale and we had 30 days to sell. Now our buyer has decided they do not want to buy our home. We have done nothing to default on our end of the contract. What are our legal rights and are there any damages we can seek? Thank you.


Asked on 8/18/03, 9:03 pm

1 Answer from Attorneys
Philip Owens Philip M. Owens, Attorney at Law

Re: What is Seller's rights when a Buyer default's on a home contract

I do not have access to your contract and would be unable to give you specific information. With something this important, you will need to consult with local counsel who is familiar with real estate law. Generally your contract will, in most cases, set out remedies which may include your keeping the deposit, etc. In the situation where the prospective purchaser just changed their mind, the contract can be enforced and the purchaser forced to comply with the contract. If, however, their performance was contingent on an event such as certain financing or interest rates, etc (which should be in the contract)then other remedies may apply. Speak to your broker and consult local counsel.

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Answered on 8/19/03, 8:02 am


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