I have placed a contact on a home, things have changed for me and my job maybe taking me to a new location.
The contract did not get signed before it expired it was signed after the date of offer, I never signed a new one. Will that be enough of a loop hole to get me out of this contract?
2007-01-22 08:26:29 · 7 answers · asked by Sweet T 3 in Business & Finance ➔ Renting & Real Estate
Its amazing how much bad information there is on Yahoo...
ALL real estate contracts have to be written, there is no such thing as a verbal RE contract. Your written offer also has an expiration date on it for a reason. Read the paragraph carefully. It will spell out the process. The seller's acceptance, if it was COMMUNICATED to you after the expiration date is not binding on you. There should be a space AFTER the seller's signature for you or your agent to initial to acknowledge the seller's acceptance.
IF all of that works against you, then you still should have an inspection period. During this time you can cancel for nearly any reason and keep your security deposit. For example, your agree to buy the house and during the next week you drive by a number of times and discover that neighborhood noise or parking, or the condition of the property is not what you understood it ot be. That should give you grounds enough to cancel.
Check with your agent to make sure that the form and substance of your cancellation is proper, but if it is during the first week or so of the contract, you should be OK.
IF this is later in the contract, then your deposit MAY be at risk, but you should have no liability beyond the deposit.
2007-01-22 09:15:04 · answer #1 · answered by sdmike 5 · 0⤊ 0⤋
You might have two "loop holes." If it expired before they signed it, then the contract terminated and they effectively sent you a counter offer (which you can ignore).
There is another provision (each state is different) but check for a clause that protects the buyer if they are not able to move to the new location. It can and should be a clause that your agent adds to the contract if you felt that there might have been a chance for you to go somewhere else.
How much earnest money did you put down? Regardless, that is the extent of your liability.
As always, don't rely on a free information board for answers that are this important. Instead, consult an attorney in your area for further guidance.
Best of luck
2007-01-22 08:39:12 · answer #2 · answered by David 3 · 0⤊ 1⤋
You can always break the contract on real estate as a buyer--the only thing that you will lose is your earnest money (that is what it's there for). The contract will specify that there is no other remedy available to the seller in the event of buyer's default. It is what is called a "liquidated damages" provision, meaning that the sole damages available in default are those specified. In real estate contracts the earnest money is 99.99% of the time used as a liquidated damages provisions. Review the contract under "Remedies in Event of Default" (or similar language).
Alternatively, if the time for acceptance has passed I would ask the realtor to refund the earnest money as the offer terminated before acceptance. If she refuses, you should contact the attorney general's office in your state and post a complaint.
2007-01-22 09:31:43 · answer #3 · answered by mugwumper 2 · 0⤊ 0⤋
it's impossible to prove WHEN a contract was signed. If there's an offer and a signed acceptance, that's a done deal.
your best bet is to find some other term of the contract that the buyer hasn't followed through with either prior to or at closing and use that to break the deal.
A consultation with a real estate attorney would definetely be recommended here.
2007-01-22 08:33:53 · answer #4 · answered by Michael W 3 · 0⤊ 1⤋
I assume you contracted to buy a home, with your interest you submitted a good faith payment, ($500).
If the contract was ever signed it is valid. In all fairness inform everyone that you are thinking of backing out, if another buyer steps forward, the other side of the contract may give you your good faith payment back.
I would insist that the job give me a concrete notice that I am to be moving or pay me for the loss of the good faith offer.
You could quickly find someone that may like to buy or rent the property. This way you conclude the sale, re-sell or rent. You could rent with option to sell. Go to the new place to live.
2007-01-22 08:44:24 · answer #5 · answered by whatevit 5 · 0⤊ 1⤋
If the seller didn't accept your offer before it expired then you have no contract. But if they accepted and you have opened escrow, you can back out of the sale but you'd be in breach of contract and would lose your deposit.
2007-01-22 09:02:02 · answer #6 · answered by operababe_61 3 · 1⤊ 0⤋
Nope,
In some states a verbal is as good as in writing; Get advice from a legal source. Good luck!
2007-01-22 08:36:29 · answer #7 · answered by beamer 5 · 0⤊ 1⤋