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.
hi. we have a home that a commercial developer wanted to purchase. we signed a purchase agreement "may31 2013" we have been asked to give them 3 extensions since we signed our agreement. we kindly agreed. and their final extension was up a couple days ago. we received a request for termination in an overnight letter a few days before their time was up, but now after trying to see if we have any recourse(do you know if we could) we realized that they sent us a letter requesting a temination of our purchase agreement dated "MAY 31 2014". the thing is, its only "MARCH 2014", and our purchase agreement is dated MAY 31 2013" a year ago. so that date does not exist. so does that make their temination invalid, and can we hold them to the purchase agreement because they didn't request an extension, nor a closing date, and the termination date is invalid?please help
Just a typo. I would move on to another buyer. And stop being so damn nice. That buyer just held up your sale for a long time.
Money talks and bs walks.
When you deal with developers, lawyers, and even real estate agents as purchasers, you need to assume that they know what they're doing and any contract they offer will be in their favor. Under those circumstances, it's wise to get legal counsel to assure that your interests are protected and to make sure that the terms of the contract are fair. Provisions can be built into these types of contracts to give them a greater chance of closing...or providing compensation to you if they don't close. Live and learn.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,572 posts, read 81,167,557 times
Reputation: 57798
A typo on a termination letter does not make it invalid. Whether or not you accept depends on what is written in it. Is there a contingency for financing or anything else that gives them an out? If not you may be able to keep their earnest money. Waiting for a buyer to get their financing approved is not a time-consuming thing, and most will have been pre-qualified. For a developer, it requires the financing of the project, and the longer it takes the higher the price goes up as labor and materials costs are rising. I wouldn't have done so many extensions, but now hopefully you will be able to get more than what they offered due to an increase in property values over the year.
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.
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.
