Selling to Developer

Expert, localized Los Angeles answers provided by Heather Roy

Selling to Developer
	I have been working with a developer on a transaction to buy my land for the last couple of years. The transaction has been extended many times via addendums to the original purchase and sale agreement. He has paid me a lot of earnest money. We are supposed to close this Feb. We have been assured every step of the way that things were going smoothly. We purchased a new home to move into and are now carrying two mortgages. We got word last night that the developer might want to back out of the deal because the market has gone soft. Do I have any legal standing in this?

	You should have been working with your own real estate attorney all along, and that's the person to consult at this point. But remember -- just being in the right isn't much use if it turns out that developer is under pressure and simply can't fulfil your contract. You may have to be prepared for some compromises.
	Edith Originally published on January 31, 2008

	Back to Summary	< Previous \| Next >


SEARCH: Search for questions about Mortgage, Finance & Taxes