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Ch. 15, Discussion 3 The Seller's Remorse

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Q It's interesting as we end our section on Contracts to consider "seller/buyer's remorse". This can be a situation where a seller, of real estate attempts to back out of the sale of the property. In these situations, real estate is thought of as 'unique' and no amount of money can suffice for 'performance.' Think of a situation where seller attempts to renege, what is the remedy, CAN YOU FORCE THE SALE? Money damages won't do, needs specific performance! In the alternative, what does Seller offer buyer (buyer has superior position here.)

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I think that if a contract has been in writing between a buyer and a seller of a real estate property then I feel that the seller of the real estate property cannot back out or attempt to renege. This is because if the seller of the real estate property attempts to renege in such a case, then the seller can be charged and accused of violating the terms and conditions of the formed legal and valid contract. In such a case, the real estate property seller might be charged to sell the property for which the seller might have promised the buyer to sell. Therefore, the seller would be forced to sell and the contract would be enforceable because the seller would have not complied with the terms and conditions of the contract.