Posted by Al-Ct on May 25, 2006 at 16:14:58:
Contract is null and void, Both spouses must sign contract as they both are on title. I would think.
Get your deposit back and move on.
Best of luck, Al
Signed contract - Spouse wants to back out of deal - Posted by Owen
Posted by Owen on May 25, 2006 at 15:33:40:
I recently tied up a lakefront property with a purchase agreement (signed at a title/escrow company) and a $1000 earnest deposit. The seller is an 86 year-old man who owns the house free and clear. The house is currently vacant and in need of remodeling.
I agreed to pay him his asking price ($95K) if he would give me 6 months to pull together the financing/remodeling cash. He agreed and signed the contract.
Since signing the contract, I have located a couple that is potentially interested in buying the property from me at $120K. Obviously, I am now motivated to close as quickly as possible.
The problem is, I spoke to the seller and his wife about closing sooner- and now the wife is indicating that she would prefer not to sell the property. The husband and wife are both on the title, but the husband is the only one that signed the purchase agreement.
If the wife decides that she will absolutely not agree to sell the property, what is my recourse? I am aware that I would be entitled to get back my earnest deposit, but I will lose out on several thousand dollars of potential profit. I have heard that I could sue for liquidated damages, but I would prefer not to go that route unless absolutely necessary. If I did sue, how could I put a dollar amount on what I would sue them for?
Any advice is very appreciated!
Re: Signed contract - Spouse wants to back out - Posted by old folks
Posted by old folks on May 27, 2006 at 16:52:38:
86 years old? Forget about taking an old man to court…that’s not very nice and probably a waste of your time anyway. Your only real option is to deal with the wife but she appears to have all her marbles intact since she doesn’t want to sign over their hard-earned paid-for property for a measly $1k and the potential of someone she doesn’t know wrecking the place with an attempted rehab with only the promise of a low price somewhere down the line when they could otherwise sell today for cash on the barrelhead. Next!
Move on - Posted by Al-Ct
Posted by Al-Ct on May 25, 2006 at 16:19:24:
Contract is null and void as both spouses must sign contract if they are both on title. (I would think)
Get your deposit back and move on.
Best of luck, Al