2 contracts - Posted by Roy


#1

Posted by JPiper on November 21, 1998 at 15:45:44:

This situation is going to revolve around how the contract reads pertaining to these liens and whether the contract is conditioned upon their removal. It would be impossible based on the information provided to know the answer to this question. I would advise you to read the contract and have an attorney review it as well.

The whole point of a contract is to provide the terms under which a property is to be transferred. As a general rule, a seller cannot sell a property to one party, then seek out another buyer at a higher price, not perform on the first contract, and later sell to the second buyer. In most circumstances this would be a breach of contract by the seller. However, again, it depends on what the contract says…specifically as it pertains to these liens.

One tactic would be to record the contract. Again, I would also seek out an attorney to take a look at your contract to see what your rights are under the contract.

JPiper


#2

2 contracts - Posted by Roy

Posted by Roy on November 21, 1998 at 05:25:20:

I made a offer 14th Oct. to buy a burn out house $4,500 it was accepted.
The Title company did a search and found city liens.
The seller wanted to get the liens removed before closing by doing some fix up and the city would remove the lien saving the seller $2,500. while he was doing the painting someone offered him $6,500, So the seller stalls til after the 14th of November when our contract expired.
I fax him addemdum to extend the contract he just keep puting off signing and returning the addendum, until yesterday Nov 20th He called and told me this story.

My question is how do I handle this situation?

The 1st week after I got this contract to buy, another
investor offered me $8k for the property.