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Old 10-05-2019, 02:40 PM
 
42 posts, read 20,562 times
Reputation: 25

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Hi,
I signed a binding contract to sell.Closing date was set.
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 are:
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 ?
Thank s so much.
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Old 10-05-2019, 02:57 PM
 
Location: Salem, OR
14,167 posts, read 33,443,983 times
Reputation: 13226
It depends on whether or not your contract allows the buyer to assign it. Asking to change the name would not void the contract. The buyer can always close in their name and then do a new deed into their company name which is likely what they would do if you try and get out of the contract.
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Old 10-05-2019, 03:18 PM
 
Location: Rochester, WA
6,439 posts, read 3,629,094 times
Reputation: 17367
Quote:
Originally Posted by warmsurfer View Post
For some very good reason I want to keep the house.I refuse to go to closing,Am I going to breach the contract ?
Thank s so much.
It's very unlikely the buyer wanting to change the name on the contract to his business name is going to get you a free ticket out of the contract.

It doesn't sound like your buyer wants to breach, you do. If you intend to try to cancel, you need some legal advice on your contract, and what your options are.

Perhaps your buyer can be offered some kind of compensation for his costs so far if you want out of the deal... My two cents... the more you try to promote honesty and good will at this point, the more likely you are to get what you want. Don't try to make this your buyer's fault.
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Old 10-05-2019, 03:27 PM
 
42 posts, read 20,562 times
Reputation: 25
Quote:
Originally Posted by Silverfall View Post
It depends on whether or not your contract allows the buyer to assign it. Asking to change the name would not void the contract. The buyer can always close in their name and then do a new deed into their company name which is likely what they would do if you try and get out of the contract.
Thank you.
I just do not want to get into trouble by sell closing to a company I do not know,and the contract is for the buyer.
If the buyer wants me to sign for name change,Can I ask for a better selling price?
It has been 80 days since the contract was signed, I improved the property since then .On top of that I am losing money by selling.
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Old 10-05-2019, 03:34 PM
 
42 posts, read 20,562 times
Reputation: 25
Quote:
Originally Posted by Silverfall View Post
It depends on whether or not your contract allows the buyer to assign it. Asking to change the name would not void the contract. The buyer can always close in their name and then do a new deed into their company name which is likely what they would do if you try and get out of the contract.
Thank you.
I just do not want to get into trouble by sell closing to a company I do not know,and the contract is for the buyer.
If the buyer wants me to sign for name change,Can I ask for a better selling price?
It has been 80 days since the contract was signed, I improved the property since then .On top of that I am losing money by selling.
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Old 10-05-2019, 03:34 PM
 
Location: Columbia SC
9,418 posts, read 8,148,788 times
Reputation: 13218
Warm

Cut to the chase. Are you looking for a reason, any reason, to get out of the contract? If so stop Internet searching. Pay a lawyer to get you out.
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Old 10-05-2019, 03:47 PM
 
42 posts, read 20,562 times
Reputation: 25
Quote:
Originally Posted by Diana Holbrook View Post
It's very unlikely the buyer wanting to change the name on the contract to his business name is going to get you a free ticket out of the contract.

It doesn't sound like your buyer wants to breach, you do. If you intend to try to cancel, you need some legal advice on your contract, and what your options are.

Perhaps your buyer can be offered some kind of compensation for his costs so far if you want out of the deal... My two cents... the more you try to promote honesty and good will at this point, the more likely you are to get what you want. Don't try to make this your buyer's fault.
So far, the buyer refused compensation.
I refused to sign for name change.
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Old 10-05-2019, 03:52 PM
 
Location: Rochester, WA
6,439 posts, read 3,629,094 times
Reputation: 17367
If you refuse, they can probably solve the name issue after the sale.

If you want out of the deal, that's not the buyer's fault. Tell us why you need out of the deal. Better yet.... tell your buyer or get a lawyer and work toward solutions.
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Old 10-05-2019, 04:59 PM
 
Location: Florida -
8,964 posts, read 11,152,435 times
Reputation: 17476
Quote:
Originally Posted by warmsurfer View Post
So far, the buyer refused compensation.
I refused to sign for name change.
If I were the buyer, I would be irritated that you believe additional compensation is due, based on how the buyer titles the property ... or why you should care (?) - What am I missing here? - Please clarify.
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Old 10-05-2019, 05:49 PM
 
Location: Rochester, WA
6,439 posts, read 3,629,094 times
Reputation: 17367
Quote:
Originally Posted by jghorton View Post
If I were the buyer, I would be irritated that you believe additional compensation is due, based on how the buyer titles the property ... or why you should care (?) - What am I missing here? - Please clarify.

FWIW, in my post where compensation was mentioned... it was the other way around. If this seller wants out of the deal, he may have to compensate the buyer for their costs and losses resulting from the contract so far.

Buyers have usually paid for inspection, perhaps appraisal already, just to name a few costs. If they've made plans to move, there may be even more.
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