Monique, you are right. Signing a contract to buy a home is serious business with serious consequences for breaching. I practiced real estate law for 20 years, and I saw many conflicts as the result of people trying to back out or breach a contract provision. I think one of the very best things a buyer could ever do is hire a professional and experienced buyer's agent. I can testify that this is one of the very best ways to avoid the potential for mistakes and perhaps ambiguous language in contracts. Thanks Monique for sharing.
Here in Colorado, contracts are written more for Buyers than Sellers and ours go as far as to state it can be due to smell or any other ridiculous reason...
However, I agree strongly with Chuck that you need to have a good Buyer's Agent on your side to make sure things are being cancelled for a legitimate reason!
We recently had an offer on our property and the buyer put a contingency clause regarding the home inspection report for buying the property. Once they received the inspection report, they decided to back out of the deal. They had a realtor friend helping them with the documents and she e-mailed a form for us to sign regarding their backing out of the contract. However, these forms were not signed by the proposed buyers. Is it customary for the buyers or the sellers to sign first? We are not the ones backing out, they are. I was not even sure if the buyers really wanted to back out because the communication and form I received was from the realtor friend, not them.
We are at the last stage of escrow, Seller didn't want to pay for any repairs to property that inspector reported. To move forward, new buyers paid workers to make repairs, now Seller is threathing to back out of escrow, said workers took staple gun from property. His home has been vacant for almost two years with alot of junk scattered everywhere. ( Been broken in couple times per neigbors ) He is just an angry person. Can he hold things up at end?
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