Real Estate Law
Have Real Estate Law Questions? Ask a Real Estate Lawyer.
Hello. My name is***** be happy to help you. Please stand by while I review your question, and conduct any necessary research.
Are both of the sellers signatures required before submitting to the buyers?
That would depend. If the sellers have powers of attorney with one another that permit one to act on behalf of the other, then both would not need to physically sign. However, Buyer #1 should sign his or her name, and if Buyer #1 is acting on behalf of Buyer #2, then he or she should sign Buyer #2's name and indicate that it is being done pursuant to a power of attorney.
But, the counter offer should be signed in some form by every person who has an ownership interest in the property.
Should the buyers Agent have submitted the unsigned Idaho RE-13 to the buyers?
Sorry, above that should have been Seller #1 and Seller #2.
That was not done. When our agent insisted on a second signature she was told second party was not available, but then received document with both signatures 5 minutes after the document's expiration.
No. Without the signatures of the sellers, there was not a formal counter offer. However, if the sellers conveyed the terms of the counter offer over the phone, and did not sign the form immediately, I can see a scenario where that might still be a valid counter offer. If the sellers agent says to the buyers, here's the counter offer, it's unsigned but here it is for your review, the sellers are coming in on some specified date to sign the form, once done we'll send the signed version to you. I could see that as a valid counter based on the representations. But it would be difficult to prove in court.
If the Idaho RE-13 Counter Offer is submitted to the buyers Agent after the expiration time but with both sellers signatures and said Counter Offer is signed by the buyers and returned to the sellers within a reasonable time should this item be accepted as valid?
It could be a valid agreement, but I would recommend at ratification document/letter stating that the expiration time expired, but that all parties agree to waive the time limit and accept the terms of the contract.
I think if the fully executed document was transmitted after the expiration time, that is evidence of a waiver of the time limit, and that if the terms are accepted by the buyers, and returned in a reasonable amount of time, there is an enforceable contract.
I understand. The seller's agent presented the sellers with another offer of a greater amount and they accepted that offer stating the counter offer was invalid because the expiration time had expired.
I see. Then the fully executed counter offer should not have been transmitted, if there was no intention of honoring the offer.
Do I have any recourse?
I should state, I am the buyer who was rejected.
I think there are reasonable grounds for a lawsuit to enforce the terms of the counter offer you accepted. The issue will be how long did you wait before accepting.
Less than an hour
I surmised that you were the buyer.
As I said, I think you have grounds to for a lawsuit to enforce the contract. You would have to decide if the value of the property to you is sufficient to justify the time, expense, effort, and uncertainty of a lawsuit.
OK, thank you for your information. We will attempt to sway the sellers and their agent with the threat of a lawsuit and consult an attorney in the local area to see what the costs would be. Is there a way to print this chat?
I cannot say that this is a dead bang winner. Beach of contract claims can be difficult to win. Pursuant to the four corners rule, meaning the four corners of the contract, the only issues in a contract case are those presented by the terms of the contract. Evidence of outside negotiations and representations are not permitted.
Printing? I am not sure. You should contact tech support.
I hope this answers you questions. If I can help further, please request me.
Please press the GREEN "ACCEPT" button so proper credit is provided for your Answer. Thank you and have a good day. This answer is made available by the lawyer for educational purposes only. It is also to give you general information and a general understanding of the law. This website is not intended to give you specific legal advice. By using or participating in this site you understand that there is no attorney client privilege between you and the attorney responding. This site should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. We attempt to provide quality information, but the law changes frequently and varies from jurisdiction to jurisdiction. The information and materials provided are general in nature, and may not apply to a specific factual or legal circumstance.
Thank you, ***** ***** consider all of the options.