Posted by Brian NZ on February 04, 2003 at 06:32:51:
A follow up as promissed.
Well, the seller’s Lawyer had a paper personally delivered to me today stating that my landlord was finally willing, ready and able to sign my purchase agreement and requested a close end of February. Neadless to say I am ecstatic. the original close was expected 21 December 2002 but the end of this month is OK. Prices are still rising.
I would like to thank you John for your support and advice I finally got the SOB.
Posted by Brian B on December 19, 2002 at 02:56:01:
Hello all,
I signed a private contract with a seller of a house at a fixed price for 1 year in which I was to arrange financing for the property if I wished to buy it. Well the value increased by a third and I was able to arrange 100% financing so I asked the seller to sign a standard Sale and Purchase agreement but he refussed and said he no longer wished to sell me the house. What are my chances of forcing him to sell me it? I am also a tenant at the same house and the tenancy expires shortly and I know he will not renew it.
Posted by JHyre in Ohio on December 19, 2002 at 08:47:50:
Forcing a seller to sell via court action is almost never worth the hassle & cost. Recording a Memorandum of the Contract against the title of the property on the public records will effectively cloud the title and make it harder (but not impossible) to sell the home without your sign-off.
Posted by Brian B on December 20, 2002 at 04:41:45:
I appreciate your reply John and my lawyer has put a caveat on the property ( This deal is in New Zealand) I am not concerned about the legal costs as the whole project when I complete it will nett me in excess of $250K nz$. I also expect the legal cost to be carried by the seller when he looses. I do not understand how he can get out of the sale legally, he signed a contract to sell to me at a fixed price,in the contract I had to find financing for the property which I did in abundance and was pre approved for the full purchase price. If I do not get the property I will be in for a large financial loss and if the seller sells to me he will be helped financially but if he doesn’t he has no loss ( the property is freehold). So how or more to the point can I loose?
Brian B
Posted by JHyre in Ohio on December 20, 2002 at 07:52:34:
That little detail of locale changes things. First, I have no clue as to NZ law. Given our common Anglo-Saxon roots, I’d imagine that the sale is enforceable. Given the money involved, a suit may be much more worthwhile. And finally, if NZ operates under the “English Rule” (loser pays winners costs), you have more to gain (and lose). In the US (unfortunately) the “winner” usually pays their own costs, meaning that the “winner” often loses. Given your position (and assuming that you have a tight, written agreement), I’d go after the SOB.