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Old 06-20-2008, 07:39 PM
 
58 posts, read 291,339 times
Reputation: 43

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I have a relative buying a house in Kansas. She made an offer on a house, the sellers counter offered, the buyer countered, and the seller agreed to the amount and conditions. This happened today. She (the buyer) has not yet signed the counter offer, as it was conveyed verbally.

At this point is there an option period? Does she have a day or 10 days to change her mind for any reason?

I have only purchased property in another state, in which we have a 10 day option period. I would appreciate any information.

Last edited by leah52; 06-20-2008 at 08:02 PM..
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Old 06-21-2008, 09:15 AM
 
62 posts, read 200,182 times
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What does her Realtor tell her?

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Old 06-21-2008, 09:56 AM
 
62 posts, read 200,182 times
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Ok THIS Realtor consulted her text book that states... Every state has adoped the statute of Frauds, which requires that contracts for the sale of Real Estate be in writing to be enforceable. Aslo, land contracts, options to purchase, deeds and mortagages.

So, if there is no ink there is no real contract.

Also, for contracts to valid and enforceable the people have to be competent, under no duress, and not under the influence or committing fraud, there has to be offer and acceptance, there has to be sufficient consideration and cannot be for something illegal.

Options to change their mind AFTER signing on the dotted line, that would have to be negotiated. Like if inspections came back bad or the home didn't appraise. But earnest money could be forfited.

If somehow, conditions of the contracts aren't met, the contract is void but I know of no 10 day opt out period once the pen lifts from the page.

Does any of that come even close to helping?? Even if it did, I would seriously reccommend that your relitive consult a friendly neighborhood attorney. Buying a home anywhere is a big deal but in a state were you don't KNOW the rules, it can be dangerous.
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Old 06-21-2008, 10:48 PM
 
58 posts, read 291,339 times
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Thanks for the info.
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Old 06-29-2008, 07:00 AM
 
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I have a Realtors Lis. not in kansas though. But I can tell you that I have never seen any one sue anyone over a broken deal, People get mad but never sue. We have a saying, the deal is done when you are sitting at the closing table and the seller has a check in his hand.
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Old 06-30-2008, 08:21 AM
 
62 posts, read 200,182 times
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Quote:
Originally Posted by tomhayden View Post
I have a Realtors Lis. not in kansas though. But I can tell you that I have never seen any one sue anyone over a broken deal, People get mad but never sue. We have a saying, the deal is done when you are sitting at the closing table and the seller has a check in his hand.
I have never actually SEEN anyone sue... but... I work in a box FULL of attorneys and a can assure you it does actually happen.

always in any transaction, the rule is CYA

by the way.... how did it turn out??
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Old 07-09-2008, 10:55 AM
 
58 posts, read 291,339 times
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She has decided to buy the house. I don't know if it is because it is the right thing to do, or out of fear and frustration.
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Old 07-11-2008, 09:22 PM
 
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Buyer of property should have a 10 day period of 'inspections' and if any information is revealed that is not to the Buyer's satisfaction, the contract can be cancelled, unless she has waived her right to this inspection period for some reason. This time period starts counting the day the final counter offer is SIGNED.
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Old 07-12-2008, 11:54 AM
 
62 posts, read 200,182 times
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Quote:
Originally Posted by rara1 View Post
Buyer of property should have a 10 day period of 'inspections' and if any information is revealed that is not to the Buyer's satisfaction, the contract can be cancelled, unless she has waived her right to this inspection period for some reason. This time period starts counting the day the final counter offer is SIGNED.
Buyers can have any amount of time for any amount of inspections IF IT IS WRITTEN THAT WAY IN THE CONTRACT. I ususally try to get 2 weeks depending on how busy and how many inspections the buyer wants but... if they don't ask for them in the contract.... then that is not a valid reason to cancel the contract.
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