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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 54002
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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My daughter's boyfriend who is 28 has a ranch worth 1.3

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My daughter's boyfriend who is 28 has a ranch worth 1.3 million dollars. The ranch has several hundred acres and he has over 100 head of cattle. He has signed a contract to sell the property. He had wanted 6 months to find another ranch and move his cattle. His real estate agent talked him into signing a contract giving him 65 days to move out, the buyer is paying $750,000 at closing and the balance in 6 months. The boyfriend said he wanted all money at closing and was told that the buyer hasn't sold the balance of the land to raise the money. He signed anyway. He is having second thoughts and wants to know what he can do before closing on November 20. All I have told you is in the contract.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.

Good morning. My name is ***** ***** I look forward to helping you.

Yes, he can likely get out of this contract! He can approach this one of two ways. One, he can simply terminate the contract by notifying the buyer of the termination and returning the deposit. Going this route, he would have some risk..that risk being: i) the buyer suing for damages...such as any costs incurred in connection with the purchase of the property and if the contract provides for specific performance, the buyer suing to force you to sell; and ii) if the listing agreement provides for a commission to be earned when a willing and able buyer is found rather than only upon closing, the payment of the commission; although given the misrepresentations made by this broker, I would contest any liability for any commission. But, buyers rarely pursue the specific performance option even if granted in the contract. Two, almost all real estate transactions have issues...inspections, title issues, appraisal, financing, etc. He can simply say no to everything the buyer requests and pretty much make the process so unbearable the buyer terminates. In that case, he would have no liability. In my experience. buyers rarely pursue suits for specific performance..they are interested in buying a property and don't want to get caught up in time-consuming and expensive litigation. And, it's important to not let the real estate agents try to intimidate him...they are only concerned with getting their commissions and will almost always threaten the parties with dire consequences in order to scare them into closing!

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