U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 10-05-2019, 12:56 PM
 
37 posts, read 16,858 times
Reputation: 25

Advertisements

Hi,
I signed a binding contract to sell.Closing date was setted.
Then buyer asked for an extension,I agreed and signed.
Then,my realtor told me buyer wants to put the house in his company's name in stead of his name.I agreed,but no paper was signed.
Buyer and my realtor are pushing very hard for closing.
I am not sure what name will the buyer use when I show up for the closing.
My questions is :
The originally contract is voided because name changed ?
Do we need a new contract ?
For some very good reason I want to keep the house.I refuse to go to closing,Am I going to breach the contract,buyer can sue me ?
Thank s so much.
Reply With Quote Quick reply to this message

 
Old 10-05-2019, 02:31 PM
 
3,716 posts, read 3,221,892 times
Reputation: 3630
Ask your question in the forum linked below.


http://www.city-data.com/forum/real-estate/
Reply With Quote Quick reply to this message
 
Old Yesterday, 07:48 AM
 
12,686 posts, read 28,427,276 times
Reputation: 7227
Moved from the Pennsylvania page
__________________
Please follow THESE rules.

Any Questions on how to use this site? See this.

Realtors, See This.

Moderator - Lehigh Valley, NEPA, Harrisburg, Philadelphia, Pennsylvania, Delaware, Education and Colleges and Universities.

When I post in bold red, that is Moderator action and per the TOS can be discussed only via Direct Message.
Reply With Quote Quick reply to this message
 
Old Yesterday, 11:12 AM
 
Location: 5,400 feet
2,713 posts, read 2,667,580 times
Reputation: 3865
Your signed contract is between you and the individual. Whether or not you amended that contract by orally agreeing to change the purchaser depends on what your initial contract says about oral modification, and whether changing the name of the buyer is considered material to the transaction. If oral modification is allowed, you likely modified the contract. If oral modification is not allowed, then you initial contract may or may not be valid.

However the buyer titles the house should be immaterial so long as the financial conditions are met. It sounds as if you are simply looking for a way to get out of the sale. If you are seriously considering cancelling the sale, talk with a local real estate attorney.
Reply With Quote Quick reply to this message
 
Old Today, 09:32 AM
 
Location: Haiku
5,103 posts, read 2,858,246 times
Reputation: 7431
Contracts tend to protect the seller from a buyer trying to exit the deal. You did not put earnest money into the contract I assume so the buyer has no leverage to hold you to the contract. You could simply inform the buyer that you changed your mind and hope they don't sue. They can't force you to sell, all they can do is sue for damages which at this point is the effort they put into inspections and fees for finance applications. You should carefully read the contract. I would get a lawyer.

One thing to note - if you do exit the contract, that news is going to get around the local RE community and nobody is going to trust you again. It will make it harder to sell the house, at least in the near future.
Reply With Quote Quick reply to this message
 
Old Today, 11:25 AM
 
6,904 posts, read 8,312,641 times
Reputation: 12066
Quote:
Originally Posted by TwoByFour View Post
Contracts tend to protect the seller from a buyer trying to exit the deal. You did not put earnest money into the contract I assume so the buyer has no leverage to hold you to the contract. You could simply inform the buyer that you changed your mind and hope they don't sue. They can't force you to sell, all they can do is sue for damages which at this point is the effort they put into inspections and fees for finance applications. You should carefully read the contract. I would get a lawyer.

One thing to note - if you do exit the contract, that news is going to get around the local RE community and nobody is going to trust you again. It will make it harder to sell the house, at least in the near future.
Yes they can. A buyer can file a lawsuit for specific performance. A court can require that the terms of the contract be fulfilled.


(This is a duplicate thread to another one which was started in the Real Estate forum. This one was apparently moved from a PA forum.)
Reply With Quote Quick reply to this message
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.


Reply

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top