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Home Buying
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Google and wikipedia the term "breach of contract"
Oct 4, 2009 at 10:27 PM
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I assume you are the seller, since you are listed as a homeowner. When the seller backs out of a legally binding contract you can be held liable for specific performance, which means you could owe the purchaser certain costs associated with their lenders fees, like money they paid for an appraisal, home inspection, and other fees. I am not a attorney and have never had this happen on a potential sale, but google "specific performance" in Mississippi and you will find a better definition.
If you are the buyer, then you can lose your earnest money plus you may be accountable for any monies the sellers have put out for well and septic inspections, termite inspections, etc that equals more than your earnest money. Again, check the definition of specific performance, because it applies to buyers as well as sellers.
Aug 28, 2009 at 4:00 PM
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As a buyer your earnest money is probably at risk. You'll want to read and understand your contract to determine if there any further possible costs related to cancelling.
Aug 23, 2008 at 7:20 PM
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3 responses
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