My mother recently made an offer on an apartment building. While the deposit was in the mail, she stopped payment on the check and alerted her agent to cancel the offer. Well, the other party still wants to force my mother to keep the offer.
There's one problem: My mother's agent signed a document absolving her agent of liability.
Question: How does my mother get out of this one scott-free? I understand what she is trying to do is a bit, well, illegal; so there is no need to lecture me.
2006-12-18 07:56:32 · 9 answers · asked by Turd Ferguson 2 in Business & Finance ➔ Renting & Real Estate
Your mother can do three things.
1)Contact a real estate attorney and have them deal w/ it
2) Offer to pay the person who owns the building for the number of days the apt building was off the market. For example 50 dollars a day
3)Financial problems-Financial contigency
If it was for financial reasons she can get a letter from her bank/mortgage company stating she has too many financial
obligations .
2006-12-18 08:30:26 · answer #1 · answered by the librarian 6 · 1⤊ 0⤋
Depends on the law - Where I'm from you cannot get out of a contract if both parties have accepted the offer and signed the papers. Did the seller already accept the offer and sign the contract? If this was still at an offer stage with a deposit to follow (in the mail) and the seller hadn't formally accepted in writing then your mom's agent could have called the other agent and revoked the offer verbally. You can cancel an offer but not an accepted offer (made legal by the seller's signature). Was the offer subject to any conditions? You might be able to get out of this if you can prove that one of the conditions of the sale weren't satisfied (ie. subject to financing, subject to inspection etc.) I would contact a lawyer right away and get a legal opinion because the worse case senario is that the seller's sue your mom and she is forced to complete the sale.
2006-12-18 16:08:40 · answer #2 · answered by westcoastpup 2 · 0⤊ 0⤋
A contract consists of an offer and an acceptance of that offer.
If the offer was withdrawn before the acceptance could take place, she should be able to get out of the deal without consequence.
If you live in the states, there also might be a 72 hour cooling off period during which either side can walk away from the contract. I say "might" because that would not apply if this is considered a commercial transaction.
It's really not worth it for the owner to take the property off the market unless the deal was so favorable to him to make it appear unfair.
2006-12-18 16:07:25 · answer #3 · answered by jbowler 3 · 0⤊ 0⤋
Tell her to contact an attorney.
Several issues come to mind. Was the offer accepted? How long after the offer was tendered was it accepted? Did she attempt to withdraw it before it was accepted?
The document releasing the agent from liability shouldn't be much of a factor. It was your mother who wanted to back out of the deal, and the agent must act as directed by your mother even if it's not in your mother's best interest.
Again, it's attorney time!
2006-12-18 16:07:06 · answer #4 · answered by Bostonian In MO 7 · 1⤊ 0⤋
NO, it is not illegal, at list here in California. If your mother wants to back out of an offer and her agent have not remove any contingencies, she will get the money of the deposit back, and her agent will have the appropriate documentation for her to sing and drop the offer.
2006-12-18 16:51:08 · answer #5 · answered by Juan B 1 · 0⤊ 0⤋
If the check that was in the mail was the "good faith deposit" and she has backed out of the deal than all she needs to do is give them that deposit.
That is the reason it is called "good faith money", because you are saying I give you this money to "hold" the property for me until my financing goes through, should I change my mind, then you get this money, if all goes through with the deal then that money goes towards the purchase price.
If that money was for anything other than that I would get an attorney!
2006-12-18 16:21:03 · answer #6 · answered by GiGi 2 · 0⤊ 0⤋
Has your mother signed a contract or just made a verbal offer and sent in a good faith deposit? Need more info?
2006-12-18 16:05:30 · answer #7 · answered by joybalbert 3 · 0⤊ 0⤋
If your mother's agent signed the document, then hes liable. She's not liable for anything if she physically didnt sign anything. Just say no to teh agent and tell him/her to go to hell.
They can't make you do ANYTHING or buy anything. If the agent wants her to buy it htat badly, then just tell them to buy it for themself.
I hate sales ppl. Their so damn aggressive abt everything.
2006-12-18 16:07:24 · answer #8 · answered by precious02k 3 · 0⤊ 1⤋
Not enough info. I think you need a lawyer for this.
2006-12-18 16:19:13 · answer #9 · answered by Anonymous · 0⤊ 0⤋