Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I just signed the contract to buy a business last Friday and found out Monday that my wife is pregnant. All our priorities have changed!
I wanted to know if I can just get out of this contract within 17 days as per 25B(1) or do I have to wait till I get the Financials and then shoot them down?
Ditto. This is important enough that you need counsel from an experienced real estate/business attorney.
25.B. may give you sufficient grounds to cancel, but you need to be very careful. Your wife being pregnant has nothing to do with the business documents you are to receive and review. Of course, if you are planning on getting a loan, and your wife's income will be included in the qualification, the Loan contingency in 3.I. may also come into play (if that was included as part of the contract).
Are you purchasing Real Property as part of the business? If so, has a contract been executed as stipulated in part 13?
A worst case scenario may be that you'd only lose your deposit, if part 41 were filled out.
Again, get a good attorney to advise you on this! (They need to see the actual contract.) Absolutely DO NOT talk about this to the Seller or Seller's Agent until you get legal counsel. And, then, you'll need to provide your response to the Seller in writing. Good luck.
EDIT: Did you pay the deposit by check? Has it been cashed? You may want to put a stop order on the check--so immediately consult with an attorney.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,313,597 times
Reputation: 6471
Wow! Some advice here that might work in the area where the posters come from, but not in CA. You do need to wait for the seller's 7 days to produce documents before you can bail on it. If the seller hasn't done all his disclosures by then, you can walk for that reason alone. With your Earnest Money refunded.
Ditto. This is important enough that you need counsel from an experienced real estate/business attorney.
25.B. may give you sufficient grounds to cancel, but you need to be very careful. Your wife being pregnant has nothing to do with the business documents you are to receive and review.
Quote:
Originally Posted by DMenscha
Wow! Some advice here that might work in the area where the posters come from, but not in CA. You do need to wait for the seller's 7 days to produce documents before you can bail on it. If the seller hasn't done all his disclosures by then, you can walk for that reason alone. With your Earnest Money refunded.
Clearly, he needs to wait to get all of the documents from the Seller. I'm assuming that an experienced attorney would realize that as well. Just curious, though: are you saying that he should NOT consult with an attorney to make sure he does things properly? Even though attorneys may not be used much in real estate transactions in California (assuming it's in CA since it's a CA form; although his location says Dallas), this definitely seems like an instance where an attorney would be warranted.
I would also anticipate that the Seller will come through with the necessary documentation, so it's best to be prepared. Time is clearly of the essence.
Again, get a good attorney to advise you on this! (They need to see the actual contract.) Absolutely DO NOT talk about this to the Seller or Seller's Agent until you get legal counsel. And, then, you'll need to provide your response to the Seller in writing.
DMenscha - I can see where this might have been confusing. It was poorly worded on my part. I didn't mean to imply that he should see an attorney and immediately provide a written response to the Seller. Just subsequently...at the appropriate time...given proper legal advice.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
