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how long do you have to resend a signed contract for real astate

sale...
how long do you have to resend a signed contract for real astate sale
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Answered in 19 minutes by:
5/4/2013
P. Simmons
P. Simmons, Attorney
Category: Legal
Satisfied Customers: 35,711
Experience: 16 yrs. of trial experience
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Thanks for the chance to help. I am an attorney with over 12 years experience. Hopefully I can help you with your legal question.

You say resend....do you mean rescind (to cancel)?

Also, can you give some context? What is going on (since right to rescind depends on context)?
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Customer reply replied 4 years ago


yes to cancel

Sir,

can you give some context? What is going on (since right to rescind depends on context)?
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Customer reply replied 4 years ago

I still need a answer to my orginal question


Thank you

Sir, I want to do so.

You ask about how to rescind a contract.

That will depend on context. If you can give me some context I may be able to provide an answer

Can you tell me

1. Are you the buyer or seller?

2. What is the basis for the cancellation?
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Customer reply replied 4 years ago


I am the seller


 


I did not put a time limit on the contract and I have no idea how long it will be till the buyer decides to buy, what can I do, the seller (me) did not put any time limit on the contract, I just acceped the buyers offer.


 


Thank you

Thank you

You mention Alaska...is this in Alaska?

And the contract, did you use the standard form contract for real estate sales in AK? Or did you draft your own contract?
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Customer reply replied 4 years ago

Yes it is in alaska


It was a simple hand drafted contract, with no time limit for the buyer to buy the property, but now I have been put on hold, due to a problem the buyer has



Thank you

Customer reply replied 4 years ago


I did not get the last answer to my question

Customer reply replied 4 years ago


are you still there, waiting on responce from your last question


 


Gary Mc Dowell

Thanks

You ask a great question...how do you back out.

Under the law, if you are in contract there is no automatic "right to rescind" except in specific circumstances.

Some exist by law. For example, you have a 3 day right to rescind a mortgage loan in most cases.

Some exist by contract, for example, you have a right as a buyer to rescind on the purchase of real property up until the inspection is complete.

But what you describe, neither will apply...

That makes it very difficult.

Can you tell me, how long has it been?

And when you made this contract, what was the intent? Was this intended to be an "open ended" contract, or was it a mistake that you did not put a closing date in?
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Customer reply replied 4 years ago

It was a mistake buy not putting in a time limit on contract


 


I signed the contract about 4 months ago, with the understanding the buyer was ready to buy and just waiting on seller to accept the contract


 


now they are saying they have to put this buy on hold due to problems of their own


 


Gary


 


Gary

Thank you

As I mentioned there is not an "automatic" right to rescind that applies to you.

If you use a standard (form) real estate contract, they have that provision in the contract.

But if you make your own contract? Then you are bound to the terms of that contract.

So if you did not have a set closing date in your contract? Then you do not have a set closing date.

That said, you still have options...though you may need to hire a local attorney to enforce them.

Under the law, if you enter into a contract and there is a mutual mistake (a mistake made by both sides) that can void the contract. So if you can show that you both wanted a set closing date, but you both forgot to put that language in? That can be grounds to void the contract.

The law disfavors contracts that run "in perpetuity". Basically, it is uncommon to have a contract that runs forever. You would need to clearly spell this out (if that was your plan). This helps you (since it seems that supports the argument that it was a mistake to leave a closing date out of the contract)

What to do now?

You have a mess sir...that is, since you have a contract with no set closing date, you have a bit of a legal mess.

If you try and take some action with the land, the buyer could come forward and say "OK, I am ready now"

I would consider contacting them in writing and letting them know of this mistake and give them a window to perform on their end. It may be that shakes them up and gets them to perform (to provide the money to effect the sale)

If they refuse? I would contact a local attorney to have them assist you in voiding this real property contract. You want to make sure you resolve this, otherwise they could come forward in the future and cloud your title.
P. Simmons
P. Simmons, Attorney
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Satisfied Customers: 35,711
Experience: 16 yrs. of trial experience
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P. Simmons
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