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Started By
Message
re: LA Attorneys - Buying a home (hurricane) question
Posted on 9/8/17 at 7:46 am to The Torch
Posted on 9/8/17 at 7:46 am to The Torch
quote:
If you haven't gone to closing you are in an "option" to buy, so option out
This is actually incorrect. Once you pass a certain period in the buying process you are bound to purchase. In a normal scenario you could not opt out the day before purchase. You would be sued for specific performance.
In this case, the contract to buy could be voided because the object of the contract is no longer the same. The seller would have to repair the property to original condition before the closing date, which would be impossible so the buyer would be able to extinguish the contract after the missed closing date.
2
Posted on 9/8/17 at 8:06 am to oilattorney4lsu
quote:
You would be sued for specific performance.
Completely disfavored remedy under Louisiana law. No one is going to force you to purchase a house you no longer want.
Posted on 9/8/17 at 8:42 am to oilattorney4lsu
quote:
In this case, the contract to buy could be voided because the object of the contract is no longer the same. The seller would have to repair the property to original condition before the closing date, which would be impossible so the buyer would be able to extinguish the contract after the missed closing date.
Additionally, the buy/sell agreement typically conditions the sale upon the ability of the buyer to obtain financing. If the bank will not finance because of the destruction or threat of destruction to the home, buyer will not be obligated to purchase.
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