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Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 53719
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Jud Wheeler signed a contract to purchase 10 acres of land

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Jud Wheeler signed a contract to purchase 10 acres of land in Idaho from the Krauses.

If Jud offered the Krauses considerably less for their property than its possible market value and the Krauses accepted the offer, could they avoid the contract on later learning that they might have sold it for a higher price?

If Jud offered the Krauses one price and inadvertently typed a different, higher price into the contract, can Jud be held to the typewritten amount?

Good afternoon. The contract is a legally binding document. The Krauses cannot terminate the contract and sell it for a higher price. In that event, the Krauses would be in default, and Jud could file a lis pendens stopping any sale to another party. If Jud priced a wrong price, and both parties signed the contract, Jud would be bound unless Jud could prove there was an obvious mistake...such as typing $1,000,000 for a $100,000 house.



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