Can A Seller REALLY Enforce That The Buyer Not Resell For A Specific Period Of Time?
A lot of the bank and government owned listings specify owner occupied only for the first couple weeks or for the first month. They require the buyer to sign a document that the house will be their primary residence and that they can't sell for the first 60 days up to a year after closing.
What law is the buyer breaking if they lie? I never realized it was against the law for buyers and sellers to lie to each other. They do it all the time- "I can't go below X on my price." Or "X it the very top I can afford."
I spoke to the listing agent today of a HUD listing for a buyer who wants it as a 2nd home- her lake home. The agent told me she would have to claim it as her primary residence for the first year and change her driver's license.
Is this enforceable? Is it legal? Once the transaction is completed the seller no longer has any interest in the home.
I'm not an attorney and don't want to become a test case. But I am curious if anybody has heard of a bank or the government going after a buyer after they didn't move in or if they sell too early.
Keller Williams Realty Clarkston