Legal Question in Real Estate Law in Montana

breech of contract

We recently went into a contract with a gentleman that wanted to purchase our home. We both signed the contract stating that he was purchasing the home and now he wants to back out of the asking price, if we dont dicker with him then he doesnt want to there anything legal we can do?

Asked on 10/20/07, 9:13 am

1 Answer from Attorneys

Valerie Grubich Sullivan, Tabaracci & Rhoades, P.C.

Re: breech of contract

Without knowing the terms of the contract you both signed, it's difficult for me to answer. However, if the contract is the standard Buy-Sell Agreement provided by a MT Realtor, and no changes were made, then a Seller's remedies are found on lines 275-280 of the contract. We generally recommend keeping Buyer's earnest money - easiest remedy and no litigation required. However, you didn't mention why Buyer wants out, but Buyers can walk if certain contingencies are not met; i.e., disapproval of the inspection, failure to get financing after good faith efforts, an appraisal dispute, title dispute, or anything else you agreed to - see your contract. I would have to know more details to be certain. If you need further assistance, our office would be happy to help. Thank you!

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Answered on 10/30/07, 12:19 pm

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