Posted by John Merchant on March 12, 2008 at 08:54:49:
You’re going to get a good and useful legal opinion only from a local lawyer who can look over your paperwork and then tell you IF there’s an enforceable K (contract) or not.
A very scared guy called me and I got a chance to look over his P&S Agreement just yesterday…he’s the Seller who wants out for various reasons and now P is threatening to sue him.
One short look at his P&S Agreement showed me there’s NOT an enforceable K as one of the key elements in it just says “Negotiable” * and this point was never nailed down or agreed to by both P & S.
Ergo, no cnforceable K IMHO…and I think any other lawyer looking at it would reach the same conclusion and pass on the case.
*Not a bad hedging strategy for either party if one is needed for stalling purposes, although here it really appears to have been done inadvertently.
I have a property under contract in MI.
I am assigning the contract to an end buyer so I am the middle man .
We signed a P/A to sell the house to the end buyer with a contingincy for him to get his financing, with a $1000 Eanest money deposit.
He then told me he is not interested anymore and I told him OK…Then he calls me back begging to sell him the property again and I agreed which is my mistake.
Now… the buyers have been avoiding to put down the $1000 (which clearly staes that he has to and they signed it)for about 10 days now, but keep calling to let them in,if they can get an appraiser out there,what Title Co I want to use,etc.
He wants to also write up a New contract and asked to see my contract that I have under contract with the seller.
Sorry for the long question but what I’m tring to say is,
Can I back out of this contract because no money has been put down as an Earnest Deposit and can they take any kind of Legal action?