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Hi. My signed (also signed by the seller) offer contract on a property in the Adirondacks has the following item:
12. THIS “OFFER TO PURCHASE” IS CONTINGET upon Seller’s and Purchaser’s Attorney’s approval within ten (10) business days of signing this document. If either attorney makes written objection within the ten day period, and such objection cannot be cured by written approval by both attorneys and all the parties within the approval period, then either Purchaser or Seller may cancel this contract by written notice to the other and any deposit shall be returned to the Purchaser.
The seller's RE broker has just told us the seller's lawyer has rejected the contract with no objection inidcated, just a flat out disapproval. Of course I am letting my lawyer handle it.
Has anybody else been through this?
If you are within the 10 days you are out of luck. Not commonly seen on Long Island but it's standard in other parts of the country. One of my friends is in this "due diligence" period right now.
If you are within the 10 days you are out of luck. Not commonly seen on Long Island but it's standard in other parts of the country. One of my friends is in this "due diligence" period right now.
Their lawyer raised his/her objection within the ten day period but they have not stated which item in the contract they object to. That issue is what I am curious about. Can they object, with no specificity, and then sell the property to another bidder?
The wording you quote makes it sound like they have to give a reason, but really what difference does it make? They've decided, for whatever reason, that they don't want to sell you the house. If you force the issue expect them to make your life very difficult.
The wording you quote makes it sound like they have to give a reason, but really what difference does it make? They've decided, for whatever reason, that they don't want to sell you the house. If you force the issue expect them to make your life very difficult.
We'll see in a few days. I suspect they have been offered more money and want to open the offer up for renegotiation. The house has been vacant for at least two years and is costing the current owner at least $7-8k a year so doubt they just decided not to sell.
Dual agency - that's why. You are an unrepresented buyer.
You would have been better off using a buyer's agent to fight it out with the listing agent rather than getting the legal beagles involved at the outset.
Dual agency - that's why. You are an unrepresented buyer.
You would have been better off using a buyer's agent to fight it out with the listing agent rather than getting the legal beagles involved at the outset.
Who prepared the contract?
RE agent for the seller.
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You shoulda said, "no backsies".
