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Old 09-05-2019, 09:37 PM
 
10 posts, read 2,074 times
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Quote:
Originally Posted by jackmichigan View Post
Generally, contracts need to have defined time limits for performance. You can't hold someone in limbo forever.
Thank you for the amazing answer (I just learned how to rep in this forum ) - I know this is all "deep in legal territory" but, I have already picked up some tidbits here that you and others have said that will help me in decision making. And I am grateful!

As for the 'limbo forever', its really them doing it to us. The reason the addendum was open ended was because of the deed issues, they assumed they could fix them, and they had agreed to resolve them so we could close. Even recently they expressed being able to resolve them. I wasn't aware that they didnt have an atty for the better part of a year when they said they did (which still peeves me to no end, how no one told us that)- but, there is constant activity on our side (emails, texts, phone calls, etc). So we definitely have proof that we were in no way holding them up.
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Old 09-05-2019, 09:56 PM
 
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Quote:
Originally Posted by FarOffShores View Post
So we definitely have proof that we were in no way holding them up.
To clarify, I wasn't referring specifically to "you", but to any party to a contract. Both sides have duties and they are usually spelled out as to when they need to be performed. We haven't read your contract, so it's difficult to comment further about that aspect. Hopefully your attorney is on the ball and will advise you properly. Good luck.
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Old 09-06-2019, 07:49 AM
 
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Won't the new buyer have to contend with the deed issues as well?
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Old 09-06-2019, 08:33 AM
 
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Quote:
Originally Posted by jackmichigan View Post
I think you're confusing the OP's situation with one in which they were not under contract (assuming the contract is, indeed, still valid). Apples and oranges.
Sellers can decide not to sell even after a contract is signed but hasn't gone to settlement. That's when lawyers get hired and judges make a decision.

There must be more to this story of why a legal contract is being ignored and why the RE agent re-listed the property.
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Old 09-06-2019, 08:42 AM
 
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Quote:
Originally Posted by twinkletwinkle22 View Post
Sellers can decide not to sell even after a contract is signed but hasn't gone to settlement. That's when lawyers get hired and judges make a decision.

There must be more to this story of why a legal contract is being ignored and why the RE agent re-listed the property.
I think it was just your wording. Certainly a Seller can opt not to honor a contract, but I wouldn't call that a "right" to do so...whereas a person clearly has a right not to sell to someone in the first place, with the usual caveats.
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Old 09-06-2019, 09:10 AM
 
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Quote:
Originally Posted by KaraG View Post
Won't the new buyer have to contend with the deed issues as well?
If they want to actually own and have title insurance on what they are buying, yes.
Quote:
Originally Posted by twinkletwinkle22 View Post
There must be more to this story of why a legal contract is being ignored and why the RE agent re-listed the property.
To my knowledge, they are just impatient and want more money. I am sure their atty had to warn them that a lawsuit could drag this out for years (when we were weeks away from closing). New buyers would need to start from scratch, and subsequently try to resolve deed issues too. Not sure what sellers could possibly be thinking. They probably think we will cave, and that new buyers might not discover deed issues.
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Old 09-06-2019, 12:57 PM
 
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Quote:
Originally Posted by FarOffShores View Post
If they want to actually own and have title insurance on what they are buying, yes.

To my knowledge, they are just impatient and want more money. I am sure their atty had to warn them that a lawsuit could drag this out for years (when we were weeks away from closing). New buyers would need to start from scratch, and subsequently try to resolve deed issues too. Not sure what sellers could possibly be thinking. They probably think we will cave, and that new buyers might not discover deed issues.
If you are weeks away from closing, this indicates that there are still things to complete and all issues are not resolved. After a year and you still have not been able to go to closing, they just have come to the end of their rope, and not willing to wait for weeks to close, which again may have to be extended.

I spent from 1972, till I retired as an investment Broker, and there were many times we had to get title cleared especially on large rural property with long time ownership especially inherited property when it had problems like this property has, and it never took a year or more to clear them. We never went over 30 days, and got them cleared so we could close on time. There is a principal in real estate of, Time Is Of The Essence. A year and still needing time to get the title cleared as problems still exist, would show that the buyer is putting demands that are not resolvable so it is time to end the farce.

If there had been a lis pendens filed at the courthouse to keep anyone else from buying when problems were discovered, it would have expired by now.

When this sale has been going on for a year, and still weeks away from problems being solved, take it to court to enforce your contract, and expect to lose the case. I have never seen a judgment going for the buyer in such a situation, after such a long period of time had expired.
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Old 09-06-2019, 07:39 PM
 
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Quote:
Originally Posted by oldtrader View Post

When this sale has been going on for a year, and still weeks away from problems being solved, take it to court to enforce your contract, and expect to lose the case. I have never seen a judgment going for the buyer in such a situation, after such a long period of time had expired.
Thank you- but just had a couple questions:
Why would we lose the case when 99.9% of the delays were on the sellers side? Because they were lawyer-less for so long, and much of this wasn't even addressed till they finally had a lawyer in place. All of "our" stuff (inspections, loan committment, etc) was done within a week or so of the accepted offer/contract.

"A year and still needing time to get the title cleared as problems still exist, would show that the buyer is putting demands that are not resolvable so it is time to end the farce."

How does a buyer put unresolvable demands on a seller, if all they want is to purchase the property? Why would a different buyer not want the same? (fwiw, at the end, it was our side that came up with the solution, but yet they still think they moved on and unless the new buyers are just completely clueless it will come up again)
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Old 09-06-2019, 11:29 PM
 
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When you demanded changes to be made to be able to close the contract to suit your needs, you altered the contract. And just because you want a lot of changes, does not mean the seller is willing and able to make all of those changes.

A good real estate attorney would easily be able to shoot you down. Anything that has drug on for a year and still going on, will not look good. Remember we have not heard the sellers side of the story, not heard your solution.

It is like finding something wrong at the inspection stopping the sale. If both are not in full agreement, there is no sale. Clearing a title falls into the same category.

Sounds to me the seller has come to the end of the rope as they say, and has given up trying to satisfy you, and I am sure he has discussed ending the contract with his attorney. It may have been his attorneys advice to do so.
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Old 09-06-2019, 11:45 PM
 
6,879 posts, read 8,226,515 times
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Quote:
Originally Posted by oldtrader View Post
When you demanded changes to be made to be able to close the contract to suit your needs, you altered the contract. And just because you want a lot of changes, does not mean the seller is willing and able to make all of those changes.

A good real estate attorney would easily be able to shoot you down. Anything that has drug on for a year and still going on, will not look good. Remember we have not heard the sellers side of the story, not heard your solution.

It is like finding something wrong at the inspection stopping the sale. If both are not in full agreement, there is no sale. Clearing a title falls into the same category.

Sounds to me the seller has come to the end of the rope as they say, and has given up trying to satisfy you, and I am sure he has discussed ending the contract with his attorney. It may have been his attorneys advice to do so.
What changes are you referring to? Although it is unclear from this thread the exact nature of the title issues, it is generally the Seller's responsibility to provide clear title.
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