Posted by Natalie-VA on August 23, 2006 at 12:14:57:
Chris,
I know you didn’t ask opinions about the deal…just about the contingency…but,
Regardless of what the seller says, she’s trying to sell the property to you and get a better deal than she already agreed to. It’s just not right.
On the other hand, are you saying that the other buyer was her listing broker? That might change my answer.
–Natalie
escape contingenties - Posted by chrisTX
Posted by chrisTX on August 21, 2006 at 22:09:07:
Does a contingientcy in a contract go both ways? Can a contingient clause that is implied to protect the buyer be used by the seller to escape? For instance…if the clause says “subject to the seller purchasing an easement” implied (but not stated) for the benefit of the buyer,can the seller use this same contingientcy to keep from selling if the easement is not obtainable? Or does the buyer have specific control and can waive the contingientcy and force seller to sell? In this case, seller wants to keep property.
Thx, Chris
Re: escape contingenties - Posted by River City
Posted by River City on August 22, 2006 at 12:44:04:
The contract should indicate what happens in the case that a contingency clause cannot be met. Some contracts state that if the contingency “cannot” be met by the seller, the purchaser can either accept the property without the contingency being met, or void the agreement.
Re: escape contingenties - Posted by Max-Va
Posted by Max-Va on August 21, 2006 at 22:23:15:
What are you trying to do here? What part do you have, Buyer or Seller?
Re: escape contingenties - Posted by Chris TX
Posted by Chris TX on August 22, 2006 at 09:34:52:
Im neither…I want to purchase the property from the seller (who wants me to have it) but she has to get out of the contract she is in. Her real estate co strung her out on a flimsy deal, waited till she got behind on her note, then the broker made a rediculously low offer, (she took it under pressure from being behind on pmts)…
Not looking for exit strategy advice just want to know if a contingiency can be upheld by either party.