your attorney will put in a clause to protect you

Thu May 8 2008, 08:28

OK. Well good luck to your Dad. Hopefully it won't happen!

-Marc

Thu May 8 2008, 07:30

Caveat: Consult your attorney as this is a legal question.

In general though: It is my opinion that you are legally obligated to sell the house. Realistically sellers break contracts from time to time and it is the rare buyer that decides to sue for damages or specific performance. However it is within their right to do so. In the real world however, most buyers curse and scream, then move on. No guarantees your buyer will follow this pattern though. Check with your attorney though to understand your exact legal obligation under the specific contract you signed.

Good luck!

-Marc

Thu May 8 2008, 06:54

The contract should include contingency periods for the mortgage and inspection, and within those time limits, the contract can be cancelled under certain circumstances (like a job loss). Consult your attorney for this question.

Thu May 8 2008, 06:41