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Real Estate Contract

Real estate contracts are contracts used between parties involved in buying or exchanging real estate. The language in the contract describes the sale, lease or rental of the property in question. The real estate contract applies usual contract law and specified requirements and often named land contracts or a contract for deed.

The real estate contract is generally written and agreed upon by both parties and signed. However, in some situations, one party will draw up and sign the contract and give the contract to the other party for review and acceptance followed by a signature. To learn more about real estate contracts, you can read the questions below that have been answered by Experts.

Is there any way to get out of a signed contract without being sued by the seller?

When you signed the contract agreeing to buy a house, you entered into a legal contract that could be enforced by the court. The general lawsuit would be for breach of contract. While the seller cannot force you to go through with the purchase of the home, they can sue for any financial losses that occurred due to the breach of contract. With most real estate contracts, the buyer is generally expected to place a deposit on the purchase before closing. If you paid a deposit, you may lose it if the court thinks your reasoning for backing out of the contract was unjust. This will depend upon how the contract was written and what was agreed upon.

There are a couple of ways to back out of a real estate contract. The first way is if your real estate contract says you will need to get a mortgage for the purchase of the house. If you were denied the mortgage, it might be possible to back out. Another way to get out of a real estate contract is if the inspection of the home was unsatisfactory. However, backing out of a contract just because you no longer want the home might create legal issues.

Can a real estate contract be extended into perpetuity with no ending date in the state of Florida?

Long term lease contracts are common, especially with businesses. The 99 year lease contract is the most common of the long term leases. There are also 50, 80, and 175 year long term leases used. The goal of the large number of years is to provide that the lease will extend for the lifetime of the tenant. For this reason, a contract cannot be "in perpetuity" but must have an ending date.

In New York, I had a real estate contract to sell my home to a buyer who had a contingency to sell their home. What proof do they need that they could not close and would we be entitled to their deposit on our contract?

The only way a buyer can retrieve their deposit is if they had agreed to a financing contingency and were unable to get lending. Another reason is if the buyer was buying a coop apartment but was denied by the board. You may want to speak with an attorney about other options such as suing for breach of contract. However, if you chose to take that route it may slow the selling process of your real estate. If you are eager to sell your home, you may want to keep the deposit and continue looking for another buyer.

If a married couple separates, could they back out of a real estate contract prior to closing?

The couple could back out of the real estate contract but would probably lose their deposit and may even face a lawsuit for breach of contract. However, if there was a stipulation in the contract that states the coupe could back out of the real estate contract if they were to separate, they could back out without any penalties.

Most sellers would probably understand if a couple was to back out due to a separation, however there may still be legal issues to deal with for the breach of contract. The couple should read the real estate contract carefully to determine if there are any clauses that may assist them in backing out of the contract without facing penalties.

After accepting a buyer's offer, we signed a real estate contract to sell our home. My husband is having unexpected panic attacks related to this sale and wants to back out. What can we do?

Generally, panic attacks or last minute jitters wouldn't justify backing out of a real estate contract. To avoid any legal issues, you may want to take the real estate contract to an attorney. The attorney may find some loop hole in the contract that would allow you to back out of the contract.

When buying or selling real estate, many people rush into signing a real estate contract before taking the time to carefully review the stipulations within the contract. Before you sign a real estate agreement, you should ask an Expert for assistance e in understanding the contract language.

Ask a Lawyer

Tina
Tina, Lawyer
Category: General
Satisfied Customers: 8603
Experience:  JD, BBA Over 25 years legal and business experience.
4460311
Type Your Legal Question Here...
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Recent Real Estate Contract Questions

  • actually I think I have two contract questions.to beeggin I

    actually I think I have two contract questions.to beeggin I had owned my home since 96 I got a devorce in 07 and refied my home with BofA. in 2010 I started apliing for loan mod.i was declined in wrighting once.i continuded applying programs send
    ing
    paperwork on request in augest of 2012 I retained brookstone law to represent me in class action against b of a they sold me on statement saying that judge had already found b of a guilty of many infractions and had awarded $.in may of 2013 b of a filed letter of defalt but no sale date because I was in negotations with them.in sept. I got a sale date so I retained brookstone to file bk and paid for it in full on sept 18. we had descust options available to me. we decided chapter 7 was best because I owed 800,000 in dett.and we would file bk on day before sale date to give me more time to find mod. and then if I couldn't get mod we would refile chapter 13 to save house.bank postponed sale 3 times because we were in negotiations on mod.nov 15 I told brookstone that I needed them to file bk because I needed wage garnishment lifted so he called my employer and had it lifted so I beleaved he had filed bk. next week I called and asked sect for bk number for electric co,she gave me a nuber so again I assumed he had filed on dec 6 I rescieved a phone call telling me house had been sold at auction.brookstone had nothing to say ecsept for a price they could prolong eviction. in febuary I need bk filed still they wouldn't return my money and I couldn't afford to pay for another bk lawyer so I asked them to file the pertion was throw out twice because they didn't provid requested paperwork in march I had to retain different firm for bk. they still have not returned any moneis to me I lost three hundred thousand dollars in equity I spen ten thousand on class action ,1850 on bk they continued to take money monthly until june 2014 with no corispondense between us I got no written or verbal deniel from bof a.theres a lot more to it bbutt what do u think
  • I am a freelance graphic web/designer. I've had only 1 bad

    I am a freelance graphic web/designer. I've had only 1 bad account in the 5 years that I've been freelancing and after 3 years of struggling to make things right with this one bad account, I still cannot.
    Three years ago, I hired a developer (who I had worked with in the past and was successful in completing all other projects) to help with a large e-commerce site for a client. The project was estimated at $5,000 and was expected to be completed in 4-5 months.
    For the first few months everything seemed to be going fairly smooth and the client paid at the agreed upon sprints after we showed her the progress made. At the end things seemed to drag (as they sometimes do). However, more features began popping up that needed to be done; things that he had not been realized needed to be done at the beginning of the project.
    Turns out that well after the last payment there was a world of work that was not yet been completed. My developer had estimated the project way too low on cost and time. What was at first considered to be a 5 month project turned into a year and a half. I tried to get him to finish as much as he could - he worked for about a year in between jobs to try to finishs it but to my dismay he finally gave up. There is still a lot more to do and I don't have money to hire someone to do it.
    In that time the client got angry (as would be expected) and I tried with all my abilit to do things for her: I designed marketing collateral items - business cards, stickers, a sign, I even built her a bigcommerce ecommerce site to give her something to work with.
    It seems that everything I've done does not please her. She is insistent on getting exactly what she ordered (again, completely understandable). I worked very hard on a deal with a different developer and I finally reached deal to finish the site. He's been working on the site since this summer and is currently a couple months past his estimated delivery date. He is still working on it.
    She just sent me an email demanding that I redesign all the pages to the website to match current design trends and she is also demanding that the site be finished faster than it currently is. She has threatened with lawsuits, ect but I cannot make those pages for her with the workload I have now.
    My question is: what is the worst thing that she could do to me if she were to get angry when I tell her I can't do everything she is asking and she threatens me with action? I currently don't have any money in the bank (business or personal) and I don't own a house.
  • I signed a contract for selling Christmas trees and there not

    I signed a contract for selling Christmas trees and there not selling, however the guy wants paid in full tomorrow or else.
    I signed a contract for selling Christmas trees and there not selling, however the guy wants paid in full tomorrow or else. Also the trees that did sell he has been given money for them as I sold them, however not all of the money because I had to pay for everyday cost for the tree lots plus make payroll for the endless hours this has taken. He thinks he's a big shot and has made several innuendos to how he collects money with guns in people's faces. This is not a case of me not giving him any money or hiding the product. He is threatening me that if I don't pay him tomorrow he is gonna swear a warrant for my arrest for taking and selling a product and not paying him in full. He's the one pushing the product on me to begin with, and I was very clear I didn't have the money to start
    Charlotte, NC - about a minute ago
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