Re: Question about contracts - Posted by Redline
Posted by Redline on January 19, 1999 at 11:34:17:
You write up an agreement that explains in detail how the deal is going to work and that you as buyer have X days/weeks whatever to find another buyer, or to assign or to back out, etc.
ONCE THIS AGREEMENT IS SIGNED, IT BECOMES A LEGALLY BINDING CONTRACT.
The sellers cannot by law, then go to someone else and sell. If they did you would sue and win damages. They’d be held in breach of contract and any court would be find in your favor.
I wouldn’t worry too much about this - just find good properties and tie them up with good contracts.