Quote:
|
Originally Posted by daytrader I don't see how the contract gets void. but in either case, you keep their deposit, and the buyers get sued for breach of contract.
If thats not what the attorney is telling you, get another. |
In our case, because we added the stimulation that we wanted the contract to have a set "re-evaluation" point, we added that 6 month time frame. IF they haven't sold their other home in that time, they can't close with us and the contract is over. We had figured that if they hadn't sold in 6 months, we would extend it. BUT that is their out. Our lawyer is telling us that (as have 3 others that we talked to previously). IF they could close within the 6 months, the contract is breeched. If not, it's over. I only added that 6 months as a protection for US and it is helping them. If they sell their home (in the other state) in the next 6 weeks, we have something. Otherwise, it's over. UGH! It is really unusal and complicated. We live a near a city of 50,000 people and it is the "hub" for about 9 counties. There are 2 real estate lawyers in the area (ours and one other). Ours hasn't had a case similar to this the last 2 years. It just doesn't usually happen, but we found the buyers without scruples.