Expert: Karyn Foley - 1/16/2008

Question
I am to settle on a condo resale purchase in 3 weeks. Due to unforeseen serious health issues involving my wife we do not wish to settle and move to Florida. I am more than happy to forfeit my deposit of $10000. What are the chances of the seller getting a judgement for specific performance. Does that happen often? I have offered to give up my deposit but have not had a response from the seller or the agent. The contract says the seller can retain the deposit or sue for specific performance. Can they force me to settle? Thanks

Answer
Dear Jack:  This is basically a legal question, and real estate agents and brokers are not permitted to practice law without a license.  In addition, without a copy of your contract, even an attorney would not offer an opinion.  It also depends on the common practice in your state as laws differ from state to state.  This is a hefty deposit, and you may have recourse but only an attorney could advise you.  Since you have not even received a response from your seller and or your agent, you should seek a legal opinion.  You may be paying your attorney but that could be offset by monies you may ultimately save.  This is close to the contract expiration, so the quicker you resolve this issue the better it is for everyone.  Your seller has obligations as well, such as to put the property right back on the market trying to sell it.  The seller (in a best case scenario) may sell it at once and not suffer any damages at all.  Why are you waiting?  Good luck, and I am sorry to learn that health issues are involves.  Karyn Foley