My question involves real estate located in the State of: Colorado
If a buyer and seller enter into a contract to purchase a property, but the seller does not yet own the property, is the contract valid?
Seller is looking to purchase property A and flip it.
The seller enters into a contract with a buyer on 12/12/09, to sell property A.
The seller purchases property A on 1/7/10
As the seller sold a property he did not own, is the contract legal? Should monies paid by the borrower under the contract be reimbursed to the borrower if it is illegeal? Can the seller seek damages?