Quick question

[bbnursie]

We are currently in the process of buying a Disney resale. It is currently being reviewed by rofr by Disney. Is it true that even though contracts have been signed on both parts that even if Disney approves that the seller can still cancel the transaction?

 

[nd43]

We are currently in the process of buying a Disney resale. It is currently being reviewed by rofr by Disney. Is it true that even though contracts have been signed on both parts that even if Disney approves that the seller can still cancel the transaction?

The thread below this one is this exact scenario. If the seller refuses to close, it will not close.

Over the past several months when we were researching I never saw a post about this, then suddenly, there have been several.

Seller's remorse or sellers seeking higher profits? I am not sure.

I certainly would think it is still very rare.

 

[Minniesgal]

It isn't unheard of and I never consider anything secure until the sale has legally closed. I think it is probably fairly rare though in today's sellers market maybe less rare than normal.

 

[ImagineerTHAT]

Yep. Nothing is final until they send in their signed and notarized warranty deed and it is filed.

I am right at that stage where all my docs and money are in and I am waiting for sellers to send stuff in. Hoping I don't get sellers remorse'd!

 

[Deb & Bill]

Sometimes the seller still owes on the contract and when they get the final papers and find out they owe the realtor fees AND still have to pay to get out of the contract, it comes as a big shock.

I've had two buyers back out of a sale after ROFR was passed.

 

[Missyrose]

Another one of the recent cases was an estate case where a parent died and the other parent went to sell the contract. The grown kids found out about after the contract cleared ROFR and had the parent back out of the deal before closing.

 

[drusba]

The answer depends on whether you are looking at the legal issue or the practicable one. Legally, you could probably sue and force the seller to sell if he tries to back out after the contract for sale has been signed and ROFR completed.

The practicable answer is don't bother doing that. If the seller backs out, you get any deposit back and can just go and buy another contract. The cost of actually pursuing a legal claim, including hiring a lawyer, would easily make that contract far more expensive than the amount you ever wanted to pay.