Real Estate Contracts in PA (Milford: for sale, apartment, lease)

[MLutes]

If no money has exchanged hands in a real estate deal, is there a contract? If the paper contracts only have one signature of two parties buying real estate, is there a contract? If the purchaser's withdrew from this &*^%%$ deal because the attorney closing the deal was inept and given that there is no contract, can someone sue because they had to sell their house for a lower amount in a tight housing market?

I have searched the internet for the answers to these questions and cannot find the information. The attorney we have is inept and just wanted to see what others had to say.
Thanks,
MB

[Summering]

I know you need the two signatures because we had only a verbal from the seller, that we both agreed on a price. Because the realtor didn't get it signed......and time went by.....a broker for another couple put in full price. We had to then go up five thousand and match that......So the lack of the realtor to go and get the paper signed per our verbal agreement.........cost us five grand.

[Laughing Heir]

You might want to get yourself better legal counsel. Verbal contracts do and can exist. If your attorney doesn't understand basic contract law, he shouldn't be a representing you in a real estate transaction.

If you (or your spouse/partner/etc.) has defaulted on the agreement of sale, for any reason, your escrow monies are in jeopardy. I have rarely ever heard of a transaction not taking place b/c of the lawyers. Investigate to see if someone else in the chain caused this to happen.

If all else fails and you still wish to purchase the property, see if the seller will emend the agreement of sale to a more realistic settlement date.

Just remember to always get sound legal advice, and that you have competent legal counsel. Anybody can sue you at any time for anything...especially if you adversely impacted the equity or value of their property.

[ff18wife]

Originally Posted by MLutes

If no money has exchanged hands in a real estate deal, is there a contract? If the paper contracts only have one signature of two parties buying real estate, is there a contract? If the purchaser's withdrew from this &*^%%$ deal because the attorney closing the deal was inept and given that there is no contract, can someone sue because they had to sell their house for a lower amount in a tight housing market?

I have searched the internet for the answers to these questions and cannot find the information. The attorney we have is inept and just wanted to see what others had to say.
Thanks,
MB

If you need a real estate attorney and in the Milford area, PM me and I'll let you know who we used last year. He was pretty good.

[pocono pal]

If the signatures of the parties on the contract are not on the contract then there is not contract. Also, although verbal contracts do exist in PA they don't exist in real estate. Money does not have to exchange. Call an attorney for more accurate advice.

[BLUEDIAMOND64]

FF, can you email me that real estate attorney that you recommend. The one we just talked to did not even know what a resale packet was. Clueless........

Thanks,

Hat

[Summering]

Originally Posted by pocono pal

If the signatures of the parties on the contract are not on the contract then there is not contract. Also, although verbal contracts do exist in PA they don't exist in real estate. Money does not have to exchange. Call an attorney for more accurate advice.

Thats exactly what happened to me one time........signatures are definately needed, or it is not a completed contract. The realtor has to do that ASAP, or you loose your verbal deal as I did at the time. I didn't even call my lawyer, I knew that fact to be true. I didn't realize I should have picked the owners realtor up, and personally got her to where she needed to go....
Didn't realize I had to babysit that important feat......until it was too late.

[mathjak107]

as judge judy says verbal is only good as long as you all admit the same thing.

no money is needed for a contract to take place and both signatures required if both are buyers.... it gets soooo crazy. when my wife and i got married my wife thought if she hyphonates her name she could use either name interchangebly. truth is she created a new name. she couldnt change hers easily because of a business she is partners in so she thought she would just retain hers for the business. .... anyway we bought this house in july here in nepa and without even thinking about it we just had the contract made out to myself and her with the non hyphonated name.

do you know since that wasnt her legal name we could have backed out of the deal at the closing . she had to fill out other affidavates of name to make the contract binding.

technically even checking her drivers license wouldnt reflect the fact that her legal name was different since she never changed anything over to the hypanated name.

[mathjak107]

thought id post some other little unkown goodies to be careful of.
first off im not a lawyer but have been a landlord in nyc with both good and bad tenents. despite what you think there are loop holes that can negate almost any contract. heres a few ive expierinced first hand. keep in mind im referring to new york as i have no dealings in pa. usually it follows pretty true from state to state but again im only speaking about what i do know and ran in to in ny

we already discussed the fact that down payments may not be kept unless both parties agree, otherwise you must sue to keep it and you usually cant advertise the property for sale if your holding them to the contract

not giving a tenent a lease is a definate no no. first off if you dont give a tenant a lease because you think you can easily get them out or change the terms of agrrements the opposite is true

no lease means when the tenant dosnt pay the rent how do you prove in court what the rent is.

no lease means the state has one they imply.

when collecting rent 2 recipts are needed , you give the tenant one and they must sign a copy you keep. why? because you cant go to court for non payment of rent unless you can show proof they didnt pay.

you need to show the judge your recepts for may june and july but no august and sept. of course you could have thrown those away yourself but the patteren is enough to open the case and give the judge the right to ask the tenent to produce proof of payment. the judge cant ask and get the case going unless you bring some proof he didnt pay.

ill start a new posting for my favorite loohole, BREAKING A LEASE and ducking any additional charges

[mathjak107]

heres one of my favorites, it usually goes right under the radar of even the most savy landlords. : a tenant wants to break alease and the landlord wants to hold you to the rest of the rent or a penalty.


the tenent sends a certified letter notifying the landlord they will be surrendering the apartment and the keys on such and such a date. you want your security deposit back and anyother money due you. key word here is surrender. most states have a policy of what they call operational law and this fits right in that catagory

if the landlord dosnt respond in some way and say its unacceptable and most wont until the day comes you move out then most state laws say the landlord has accepted your terms of surrender.

unknowingly they can have screwed themselves out of the right to hold you to the lease if they arent careful. usually if its a development you surrender the keys to someone at the office on the day you move out and weeks later get a bill for the balance of the rent and a notice your not getting your security deposit back. its to late, they have already accepted your terms by not responding before the surrender.



usually the landlord will go into the apartment, start painting and getting it ready to rent while sueing you for the rest of the rent.

bad move, by going in and painting he has accepted the apartment back and can't take the apartment back at the same time hes sueing you claiming hes holding you to the rent and lease.

i have quite a few of these tid bits if your interested ill post a few more. the point is not to pull this stuff but to be aware as a landlord or seller that a contract or lease can mean nothing. contracts are virtual minefields in the courts