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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 23349
Experience:  14 years real estate, Realtor. Landlord 24+ years
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Hi. I have a questions about real estate law in MD. Last week,

Resolved Question:

Hi. I have a questions about real estate law in MD. Last week, I ratified a contract to buy a condo. The day after I signed, I noticed that my realtor had obligated me to pay part of the closing costs of the sellers. I truly resented that and advised my realtor accordingly. The next day, the loan officer also presented a much higher than usual interest rate to me. After my realtor talked to the sellers, they agreed to pay their share of closing costs in exchange for my buying the house as-is. I was really dismayed and decided to terminate the contract. Based on the contract, I am entitled to receive condo documents no later than 15 days before the closing date. Once I have the documents, I will have seven days to review them and can cancel the contract without stating a reason. I advised my realtor that I was not happy for a number of reason and would use my right under that clause to terminate the contract. Having said that, I also said that it would not be fair to sellers because they may not have known about my realtor dishonest negotiations without my express consent. I told them I would be happy with a mutually-agreed upon termination by both sides if the sellers are willing to do so. The next day, my realtor said that they have agreed to sign the release and the same day the house came back into the market. I have signed the release form and it is with the sellers and their agent. It has been two days and I am waiting. My question is that given the above information, the contingency of the condo docs, and their agreement to sign the release, can I still be held legally accountable? Much appreciate any advice you can give me.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Barrister replied 1 year ago.
Hello and thank you for using JA! My goal is to provide you with excellent service and help with your legal problem.
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Considering all you have stated, the critical factor is that you have the 7 day unrestricted right to terminate the contract. With that said, there is no legal way you can be bound under the contract as long as you terminate within that period.
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Since this is the case, there is no reason for the sellers to not agree to terminate because this just frees the property up sooner so they can get it back on the market. Since they have signed the release, as logically they should, I see no way for you to be legally bound under the contract at this point.
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Thanks.

Barrister

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If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

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I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

Customer: replied 1 year ago.
Thanks. I would have had 7 days after receiving the docs which would have had to been delivered 15 days before the closing. I advised them that we could go that route but it would have cost them valuable time at the end of which I would still be out. I have not received the docs because I asked them if they wanted to, they could mutually terminate the contract. I have not yet received the release but I am expecting that they would.
Expert:  Barrister replied 1 year ago.
I agree with you completely... There is no reason why they shouldn't agree to mutually terminate because you can unilaterally terminate during that 7 day window and it will just tie up the property longer if they wanted to wait for you to terminate that way.
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Thanks.

Barrister

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.

If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

.

I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 23349
Experience: 14 years real estate, Realtor. Landlord 24+ years
Barrister and 3 other Real Estate Law Specialists are ready to help you

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