Posted by Jim IL on December 08, 1999 at 02:13:50:
Lee,
Why do you want to pull out?
What are the reasons?
Lack of funding?
Bad deal, and your due diligence found something bad?
Jim IL
What happens if you pull out from purchase agreement… - Posted by peter
Posted by peter on December 07, 1999 at 22:45:35:
What happens if you have given a seller a purchase agreement and you want to pull out for any reason?
You need to provide more information. - Posted by Andrew Smith (Phila)
Posted by Andrew Smith (Phila) on December 08, 1999 at 06:58:35:
I gather that you were in the initial stages and that your inspections and attorneys approval of the deal had not already happened. If that is the case you are in the clear and will have no trouble getting out of the deal. If those contingencies have expired or been satifactorily completed you are in trouble. The depth of the trouble will be determined by the wording of your sales agreement. It could range from simply losing your earnest money deposit to being responsible for all losses incurred by the seller relating to your default. That could include a multitude of expenses up to and including the difference in the sales price if the seller later sells the property for less than what you agreed to. Again - it all depends on your sales agreement and the laws of your state.
Re: What happens if you pull out from purchase agreement… - Posted by GL
Posted by GL on December 08, 1999 at 06:21:12:
If you have a legitimate reason which is in the written contract you can call off the deal. You will get back your deposit.It sounds like you have a couple of good escape clauses. Talk to your attorney.
If you have no legitimate reason your attorney can still trump up some kind of excuse. It will probably get you off no matter how lame. Very few people will sue.
We sold a farm to a developer in 1990. He reneged on the deal because he could not flip it for a big profit. We sued and eventually collected $750,000. We actually won judgement for $3,500,000 but after 7 years and $200,000 in legal fees we took what we could get.
The other party must have spent $500,000 in legal costs plus 7 years of hassles to avoid keeping his promise. The irony is, he could have gotten out of the deal for a payment of $25,000 in the first place.
The last I heard he was suing his lawyers. HA HA HA HA HA
I hope he has a stroke the old b******d.
Re: What happens if you pull out from purchase agreement… - Posted by Lee
Posted by Lee on December 08, 1999 at 24:00:31:
It depends on what your offer to purchace says.
What (outs) did YOUR offer to purchace have in it?
Lee
Re: What happens if you pull out from purchase agreement… - Posted by Peter
Posted by Peter on December 08, 1999 at 24:57:17:
I have the typical contigencies: contractor’s inspection and attorney approval