This is a theoretical question related to an upcoming purchase. Not a past event gone wrong.

Realize asking for specific legal advice here is generally not well received and I’m not looking for anything any more specific than under the circumstances I’ve described.

My understanding of real estate law (granted from the mid-80s) is it is somewhat unique. Contracts must be in writing to be binding, different types of deeds, etc.

I’m about to close on a transaction to purchase a home individually from the current owners who hold it in an LLC. In AL if that matters. We have a written contract stipulating the specifics of the deal; price, timing, possession at time of closing, no proration, no warranty, no strange provisions for any ability to rescind either the contract or the eventual purchase. All individual owners of LLC consent prior to the closing. Very straightforward, all cash.

After the closing there is no possible way the sellers can rescind the deal is there? Let’s set aside possibility of undue coercion, not mentally able to make the decision or execute the sale, no fraud issues, etc. Just a simple “Nah, we decide we don’t want to go through with this” an hour or a day later?

I am pretty sure the answer is a solid no, and the UCC or similar rules allowing for a revocation of a transaction within 3 days or similar do not apply.

Any party to the transaction could balk before, during or potentially after. Regardless if they have a legally valid path, they could still attempt to reverse the sale. Who wins or loses from that point will be a matter for the court but it's American, you can sue anyone for any reason. That does not mean you will win, but you can certainly make things painful for yourself and others

If it were easy to do, it would be done a lot.

What do you know that the seller doesn't? If you're going to ask advice of your SF friends, don't you think you owe them the whole story (after closing)?

If you have a settlement company handle it all, they will do the paperwork and record the deed, probably on the following business day. You should feel like everything is fine during the walk-thru before going to settlement. If not, then it's time to reassess. How can the sellers balk? Change the locks between walk-thru and settlement, give you the wrong keys and then make you go to court to evict them? Doesn't sound very likely.

If the closing is thru an escrow or an attorney then all the hoops would have been jumped through. Once the note and Deed of Trust have been signed (assuming there is financing) and the deed has been signed and all recorded....it's a done deal.

Yes, anyone can be sued for just about anything but they would have a long and expensive road ahead.

quote:

Originally posted by Bassamatic:
If the closing is thru an escrow or an attorney then all the hoops would have been jumped through. Once the note and Deed of Trust have been signed (assuming there is financing) and the deed has been signed and all recorded....it's a done deal.

Yes, anyone can be sued for just about anything but they would have a long and expensive road ahead.

I agree with this, that's the whole point of a "closing".

I am not a lawyer, but my advice to you is to hire a lawyer (a real estate attorney) to guide you through this from start to finish.

In the words of our esteemed deceased member, JAllen, who made a small fortune as an attorney specializing in correcting real estate screw ups by others, "NOTHING BEATS KNOWING WHAT YOU ARE DOING".

It's MUCH MUCH MUCH better to have an expert "fix" problems before, or as they occur, than trying to get someone to come in later, after the deal, and fix things.

No offense meant to you, but don't be cheap, pay a reputable real estate attorney to handle this from start to finish. You'll sleep better, no worries.

Good luck to you.

quote:

Originally posted by Bassamatic:
If the closing is thru an escrow or an attorney then all the hoops would have been jumped through. Once the note and Deed of Trust have been signed (assuming there is financing) and the deed has been signed and all recorded....it's a done deal.

Yes, anyone can be sued for just about anything but they would have a long and expensive road ahead.

^^^This

In all the states I have lived in, and all the homes I have bought and sold, this is as accurate as it gets.

Title companies are pretty good at making the closing a done deal. Once you have the deed, it’s usually pretty solid.

My wife was a title company closer for 20 years and never saw a deal unwind.

quote:

Originally posted by OKCGene:
I am not a lawyer, but my advice to you is to hire a lawyer (a real estate attorney) to guide you through this from start to finish.

This ^^^^^

I don't think it matters at all what State, but after closing without some material issue the answer is simply no.
Preclosing is an odd duck and normally the Seller is off the hook if they can't deliver clear title.

If you gonna ball, you gotta have FU money...

Generally, no.

quote:

Originally posted by architect:
What do you know that the seller doesn't? If you're going to ask advice of your SF friends, don't you think you owe them the whole story (after closing)?

There is zero to know, other than the sellers are sporadically stupid asses. They are also my sisters, so there's your story.

Thanks to all for affirming what I generally thought to be true. I am closing through an attorney firm I am paying and who specializes in real estate transactions, will have a signed deed before I hand over a check.

If it goes sideways, y'all will be able to catch it on the Auburn/Opelika area news.

Hard to imagine them backing out after since they need the money more than I do, and they've roped me into a deal at greater than 100% of current appraisal. Then again, see above.