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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 44422
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

Customer Question

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?
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Richard replied 2 years ago.

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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Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

 

 

Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 44422
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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