Business contracts, including property sales, are entered into every day in Louisiana. While oftentimes these contracts are carried through, there are times when disputes arise. Recently, a licensed practicing realtor has been sued by a buyer for allegedly backing out of a property sale that was agreed upon by both parties. The buyer alleges in the suit that was filed that the firm reneged on a property sale after a contract for the sale was drawn up and executed.
In the complaint that was filed, the buyer alleges that he had made an offer on a piece of property in Louisiana that was listed for sale. According to the lawsuit, a counteroffer was made. Both parties accepted the terms of the deal and a contract was formally executed shortly thereafter.
Nevertheless, after the contract was executed talks continued regarding the possibility of modifications to said property. The timeline is unclear from the complaint but after the contract was executed, the complaint alleges that the realtor decided to back out of the prior agreed upon sale offer, in lieu of a higher offer from a third party that expressed interest in the property.
The lawsuit against the realtor accuses her for breach of contract. The buyer is seeking an undisclosed amount of damages and also attorney fees. Property sale transactions are unique and can involve lengthy negotiations between the buyer and sellers.
Anyone who has brought any property or a home understanding how much paperwork is involved in process and how confusing all the legal aspects of such transactions can be. When buying or selling a piece of property, it may be helpful to consult with a professional to ensure that the whole process goes without a hitch.
Source: The Louisiana Record, “Realtor sued after allegedly breaching sale contract on own property,” Kyle Barnett, June 10, 2014