If you’re the broker then it’s your fault if the P&S Agreement isn’t an enforceable contract that would permit the buyer to get a court judgment requiring the seller to deliver as per that P&S Agreement.
Why would you think that a good P&S Agreement is NOT an enforceable contract?
It sounds like you need to go back to RE Broker’s class and this time, LISTEN.
Posted by Julien Calixte on October 06, 2006 at 12:17:35:
Question: After months of working with a seller of a home, I (broker)
finally get her to sign an offer to purchase letter (attached) which
outlined the asking price, commission, as well as a seller’s concession.
This offer to purchase letter was only signed after she got my buyer to
first sign an addendum that stated that the buyer was to make a good
faith deposit of $1000, which seller and buyer signed. I then faxed over
the agreement to the mortgage specialist who in turn initiated the
mortgage application and secured the loan. In the intervening weeks, the
seller didn’t return multiple calls from me, the buyer or the motgage
specialist. Normally she would leave her place of work to confer with me.
Finally I received a call from her informing me that she intends on selling
the property to someone else.
Months (6) of work went into getting to this stage. Now what legal
recourse do I (broker) or my buyer have? My buyer would like to
purchase this property in accordance with the terms agreed to in the
sales agreement.
Posted by John Merchant on October 06, 2006 at 18:24:09:
If you truly have a signed agreement (and a valid and complete contract) from the Seller to sell then you should immediately have your lawyer notify her that you intend to enforce that agreement, by lawsuit if necessary.
Is it true that a signed sales agreement is not enforcible and that only a
contract is enforcible? The addendum to the sales agreement (which
was signed by both, seller and buyer) stipulated a $1000 deposit. I, the
broker, am holding this deposit. Doesn’t this constitute
“consideration”, which makes the agreement a binding contract?
Posted by Marc Donovan on October 21, 2006 at 07:15:50:
You have a listing contract with the seller. Its entirely different from a sale contract. You seem to be confusing the two. You need to get an attorney and enforce the terms of your listing contract.