Seller is backing out 3 days before closing
Hi guys,
We are trying to close on a property (in Florida) and 3 days before closing the seller decided to back out because they dont want to provide us with the tenants drivers licenses/assignment of lease, etc... The realtor told me to get that info from the property management company and form the tenants.
I called the property management company, they are refusing to give me any info since I dont own the property yet, and I did not try the tenants yet because I am just thinking, why would somebody give their info to some stranger who is calling saying I am your future landlord...
Now the seller is saying he does not want to do the deal anymore. We put a lot of money into our due diligence, flying to Florida to view the property, appraisal, inspection, etc...
What can we do? We want the property...
Most Popular Reply
Where's your purchase contract? The Florida Bar Purchase Contract that is a staple in our industry provides that if a property is to be tenant occupied after the sale that all leases and pertinent data is to be provided to you within 5 days of executed contract. It's part of the inspection period and contingency. As far as the driver's licenses and contact information, you're really not entitled to that until closing...but you can screen effectively without it. The problem here is that it appears the inspection period has expired and the seller has failed to perform. Your right to cancel was at the end of the inspection period. The seller does NOT have the legal right to cancel the contract.
I recommend reviewing your purchase contract and expecting performance to it - and know that you cannot demand anything more. Again, the seller does not have the legal right to cancel and you can sue for damages - but you don't have the right to demand performance beyond the contract.
Time to get the realtor/brokers/title company involved...if you're not represented, hire a real estate attorney. This never should have happened nor gotten this far.