my friend sold her house so that means she signed and agreed to the offer that was offered on her place, there is a month left before the closing and she wants to back out and not sell her place because a few things came up please guys how can it be done thanks a lot
real estate problem help
- Thread starter Vicky25
- Start date
She has signed a legal binding contract, she cannot get out of it, other than I suppose by mutual conscent (If the purchaser agrees) but I doubt they would
Yes, and if she chooses not to, there would be serious legal ramifications that would cost her tens of thousands of dollarsVicky25 said:
Yes but she can be sued for Breach, if she doesn't. Such a suit might lead to a settlement, but the legal costs and settlement would likely be more costly than settling now.
There maybe some conditions on closing that could lead to the deal being undone,
There maybe some conditions on closing that could lead to the deal being undone,
Ask her to start growing marajuana at her house and perhaps the purchaser will back out when he/she finds out at his/her re-visit before closing.
If
This is actually the way to go if you have no scrupples and are serious about getting out of the sale.
I know your friend is very clear about what she wants, but if, lets just say if, she changes her mind yet again, because the market is going up still, she'll make the money back with the higher value of the house when she sells, if, and I say if again, she closes this time.
This is actually the way to go if you have no scrupples and are serious about getting out of the sale.
Otherwise have your friend start advertiseing here, go to work and make enough to have the money that makes it worthwhile for both her and the buyers to leave things as they are.playw/respect said:
I know your friend is very clear about what she wants, but if, lets just say if, she changes her mind yet again, because the market is going up still, she'll make the money back with the higher value of the house when she sells, if, and I say if again, she closes this time.
If it's within 10 days, then you can cancel without penalty... at least for Condos... Doesn't apply for houses I think.
The only other thing to do (and I have a friend who went through this)... negotiate with the other party. Understand that your friend will probably have to pony up some cash to cover the inconvenience they are causing the other party.
The only other thing to do (and I have a friend who went through this)... negotiate with the other party. Understand that your friend will probably have to pony up some cash to cover the inconvenience they are causing the other party.
Exactly, and yes, it the cooling off period only applies to condos due to the high pressure sales environment one is in during the deal.zekestone said:
Unless there is a clause that she has to meet in order to cancel the deal, the ONLY way is if the purchaser agrees to cancel the deal. She can talk to them, but odds are that they have already made moving arrangements, possibly sold the place where they are living now, etc etc etc. Put it this way: if you bought a house, would YOU back out of the deal with no re-course? Couple that with the fact that it's in a month's time, I can guarantee the buyers have already either sold the place where they are living now, or used up their last month's rent, or made arrangements to move out. Now if the closing was 6 months away, there may have been a slim chance they would cancel but.....
As for not signing anything at closing, I don't know exactly what the penalties are but 1) a lien will be put on the property 2) The purchaser can enforce the contract I guess by seizure of the property by baliff? 3) The seller WILL be sued for damages which could be a) The moving costs b) relocation/rent/hotel stay until they can move in c) mental anguish d) lost wages etc e) interest on the deposit which should be in escrow (think that's the term) f) if the property value increased from the time the house was sold, to the time the lawsuit is settled, your friend will be on the hook for that increase in value as well. g) legal costs
In other words: she sold the house, now she has to move. EOS. Doesn't matter what her situation is, the buyer doesn't give a rat's ass.
Plus if she damages the house in any way SHE will be responsible for the repairs. The house MUST be turned over in the same condition that it was sold under (so don't let her think that by trashing the place, the new owners won't want it).
Put it this way: if she doesn't close, and the buyers want to, she may as well close the deal because they will win in court and probably end up with the house anyways and your friend won't have anything (cuz the cost of litigation etc will probably eat up the value of the house)
OH, found something else out that might apply: The house may be siezed by the sheriff and your friend could be evicted until the matter is settled in court. At this time she will still have to pay her mortgage etc and keep up the house. After she loses the court case, the property may be sold via "power of sale" to pay the buyer's legal costs and damages. Either way, she's screwed unless THEY agree to void the contract.
For condos, the 10 days to commit is intended to give the purchasers time to review the condominium documents. It only applies to new condo developments, not to resale. For resale condos there would be a clause added to the agreement as a condition for the purchasers to review the documents if they wish to.
The lady should talk to her lawyer about the situation. She can back out of the deal, but there could be consequences. Much depends on how motivated the buyers are to move into the property. For a price, the purchasers may release your friend from the sale, rather then go through a court battle.
The lady should talk to her lawyer about the situation. She can back out of the deal, but there could be consequences. Much depends on how motivated the buyers are to move into the property. For a price, the purchasers may release your friend from the sale, rather then go through a court battle.
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enduser1
The contract is the only thing that matters. I would strongly advise against posting the contract here on terb have it reviewed by a lawyer now.
EU
EU
If she wants realistic advise from hobbyists ( why is she asking here anyway???) they would need to see the contract. Without it the comments are useless.
It is a complex legal situation and should be reviewed by legal counsel, not a bunch of horny terbites.
It is a complex legal situation and should be reviewed by legal counsel, not a bunch of horny terbites.
Yes many stupid and uninformed comments on this thread.
I have some expertise in the area, and I have only one piece of advice for your friend Vicky, and that's for your friend to CALL HER LAWYER IMMEDIATELY. SHE SHOULD NOT USE A LAWYER RECOMMENDED BY HER AGENT.
I would say that there is little she can do to get out of the deal without losing a bunch of money if the purchaser decides to sue for damages, and if the house she's selling can be proved to be unique, the purchaser can make a case to force the sale of the house to him.
There's a chance she could get out of the deal and make some settlement with the purchaser, but that is risky if by her actions the purchaser could reasonably believe that the deal will not close.
Your friend is not in a good position at all, but a GOOD lawyer should be able to at least give the proper advice after looking carefully at the agreement of purchase and sale.
I can recommend someone if she wants but of course it will cost her for the advice. She can also access a free consultation with a lawyer through LSUC's Lawyer Referral Service (just google those 4 words and you'll find information). Note that getting advice from the lawyer after the consultation will still cost a few bucks (advice is the lawyer's product, after all).
I have some expertise in the area, and I have only one piece of advice for your friend Vicky, and that's for your friend to CALL HER LAWYER IMMEDIATELY. SHE SHOULD NOT USE A LAWYER RECOMMENDED BY HER AGENT.
I would say that there is little she can do to get out of the deal without losing a bunch of money if the purchaser decides to sue for damages, and if the house she's selling can be proved to be unique, the purchaser can make a case to force the sale of the house to him.
There's a chance she could get out of the deal and make some settlement with the purchaser, but that is risky if by her actions the purchaser could reasonably believe that the deal will not close.
Your friend is not in a good position at all, but a GOOD lawyer should be able to at least give the proper advice after looking carefully at the agreement of purchase and sale.
I can recommend someone if she wants but of course it will cost her for the advice. She can also access a free consultation with a lawyer through LSUC's Lawyer Referral Service (just google those 4 words and you'll find information). Note that getting advice from the lawyer after the consultation will still cost a few bucks (advice is the lawyer's product, after all).
Another stupid comment, why post here, because it's a place to get free advice, NOT ADVISE!!!!!!! Terb members have occupations from all walks of life with thousands of years of life experiences that can be helpful, and some that isn't.euripides said:
I'm tired of people making stupid "why is she posting on an escort review site?" comments. She, or others, might get info that may help her. We all have lives with occupations and hobbying is a release (pun) from that life.
For those of who who want a bit more information about this topic, you might want to read
http://www.robinsapplebyandtaub.com/newsart/whathappens.pdf
http://www.robinsapplebyandtaub.com/newsart/whathappens.pdf
