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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 46851
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Hi. Can we sell our home outright, after an appropriate amount

Customer Question

Hi. Can we sell our home outright, after an appropriate amount of time,to the person who was in a lease to purchase agreement through an agent that fell through? The appraisal came in too low to pay all costs...
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.


Good afternoon. Is there a written agreement with the agent? When you said the lease to purchase agreement fell through, can you explain the timing of that? Did the person have possession under the lease and then fail to purchase within the time specified in the lease to purchase agreement. If there is an agreement with the agent, does it address the purchase specifically? Thanks.
Customer: replied 1 year ago.

 


We had an agreement that had the agents name on it. The person intending to lease to purchase is living in the house now. The appraisal came in too low for us to clear all costs let alone have any profit. Under the terms of the agreement, the buyer has the right to renig if he can't get financing for the original price. He is therefore backing out and will go to renting month to month.

Expert:  Richard replied 1 year ago.
Thank you. The key is whether this agent is deemed to be the "procuring cause." Procuring cause means the uninterrupted series of
events that led a buyer to make an affirmative decision to purchase the property. There are many factors that the National Board of Realtors considers in making such a determination. When the issue involves an interruption or break in the original series of events, the key factors involve how was it caused, and by whom? In making this determination, the 3 key factors are: 1) Did the seller change the listing agreement from an open listing to an exclusive listing agreement with another broker? 2) Was there the development of a new, different or independent motive behind the purchase? and 3) Was there interference in the series of events from any outside or intervening cause or party? Typically a period of 90 - 180 days from the termination of the proposed purchase is deemed to be satisfactory, especially in your case where factors 2 and 3 can be addressed by the fact that the original transaction contemplated terminated due not to the two of you but because the third party appraiser did not produce a satisfactory appraisal. One thing, however, that you want to be make sure of though is that you have no evidence of a pre-determined agreement to occur after 90 to 180 days. The transaction between you and the buyer has to come to an end and then get resurrected. You can find a lengthy discussion of "procuring cause" at www.realtor.org/LetterLw.nsf/.../$FILE/Procause.doc


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Customer: replied 1 year ago.

Will our relationship with the tenant be considered "coming" to an end if he is still in the house and renting it month to month?

Expert:  Richard replied 1 year ago.
As long as the written agreement terminates, that agreement would come to an end. What you will want to do is get a dated signed agreement with the tenant that you both agree that the lease to purchase agreement has terminated and that the tenant, although continuing as a month to month tenant, no longer has the right to purchase the property pursuant to the lease to purchase agreement.
Customer: replied 1 year ago.

But, if he's signing an agreement stating that he no longer has the right to purchase the property pursuant to the lease to purchase agreement, will that be an issue in 90 to 180 days when he then pursues purchasing the property?

Expert:  Richard replied 1 year ago.
What you want to do is create break in the original transaction. This agreement will create that. Then, in the 90 to 180 days when he comes back to purchase the property, it will be a new separate transaction with definite break from the original right to purchase. That's what you need to produce if the agent comes back and says this is part of the same transaction that simply continues.
Customer: replied 1 year ago.

Perfect! Will follow up on this end to verify your information. Thanks, XXXXX XXXXX!

Expert:  Richard replied 1 year ago.
You're welcome...it's been my pleasure to help! Have a great day!
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 46851
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
Richard and 8 other Real Estate Law Specialists are ready to help you
Expert:  Richard replied 1 year ago.
Thank you so much for the positive rating! I appreciate having had the opportunity to serve you! If I can be of assistance to you in the future, just look me up and I will be happy to help! For easy access, my bookmark is: http://www.justanswer.com/law/expert-legalbeacon/

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Richard
Richard
Real Estate Lawyer
46851 Satisfied Customers
32 years of experience as lawyer in Texas. I'm also a Real Estate developer.