Posted by Bill H on December 04, 2005 at 15:23:40:
WOW! What a bucket of worms…personally I would get back any deposits, earnest monies, etc., that I had in the deal,PASS,walk away and find something else AFTER the rental property either sold or was in a concrete solid escrow.
Personally I see so much "He said…she said…he will if I will, maybe we can…and in my opinion, not an attoreny and no not give legal advice, but with an open ended contingency I think at best you might hve an option to purchase and at worse merely a letter of intent. Does your contract contain the “Time is of the essence clause?” If so how would you enforce it with no end in sight for your contingency.
Best bet is to walk away from this and do something else.
I have signed a standard purchase agreement with a listing agent on a house. The listing agent is also the owner of the house I want to buy. I did not have an agent for me involved in the signing. The purchase agreement is contingent on my selling a rental property I own. The contingency has no expiration date. The agent has gotten back to me and says she needs money now and cannot wait for my rental to sell. She is going to put tenants in her house to generate the income she needs until the closing. I am concerned that the condition of the house I am buying will be altered by the tenants (a couple with 4 small children). The agent has also said that if I do not like it I can back out. I think she is not behaving ethically. The real estate agent I am using to list the rental property said since there was no ?tenant rights? stipulation in the purchase agreement that the agent cannot rent until closing. Can I prevent her from renting the property? Thank you for advice.