Specific Performance

Posted by Chris on November 18, 2003 at 18:33:10:

I am trying to purchase a property. I have a valid contract and have rendered earnest money.

It is becomming clear that the current owner of the title is not willing to follow through with the contract. Here are some of the issues that we are facing:

The person who has right to the title does does not have loan in her name(The loan is owned by her soon to be ex spouse)

The spouse of the person who owns the property is going through bancruptcy and forclosure. The title company is unable to obtain a clear title because of these court proceedings.

I have spent a significant amount of funds obtaining financing to purchase this property.

My questions :

Can I or a lawyer force specific performance if the seller can not obtain clear title?

Can I file a suit against the seller to recover my losses if this deal falls through?

Can I file a suit against the seller to recover my losses if the property goes into forclosure and I file a lien against the title to negotiate purchase after the redemption period is exhausted?

Is the listing agent responsible for any of my losses?

Follow Ups:

Re: Specific Performance Opinion - Jim V 12:51:52 11/19/03 (1)
- Re: Specific Performance Opinion - Lo 18:16:18 11/24/03 (0)



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: I am trying to purchase a property.  I have a valid contract and have rendered earnest money.





: It is becomming clear that the current owner of the title is not willing to follow through with the contract.  Here are some of the issues that we are facing:





: The person who has right to the title does does not have loan in her name(The loan is owned by her soon to be ex spouse)





: The spouse of the person who owns the property is going through bancruptcy and forclosure.  The title company is unable to obtain a clear title because of these court proceedings.





: I have spent a significant amount of funds obtaining financing to purchase this property.





: My questions :





: Can I or a lawyer force specific performance if the seller can not obtain clear title?





: Can I file a suit against the seller to recover my losses if this deal falls through?





: Can I file a suit against the seller to recover my losses if the property goes into forclosure and I file a lien against the title to negotiate purchase after the redemption period is exhausted?





: Is the listing agent responsible for any of my losses?








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