Real Estate Law

Have Real Estate Law Questions? Ask a Real Estate Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Real Estate Law
This answer was rated:

My husband and I have been trying to buy a house since the

first of March. We made...
My husband and I have been trying to buy a house since the first of March. We made an offer and accepted the sellers counter offer. The house is over 4000sq ft on 20 acres and just needs cosmetic work. It is located in Fentress Co. Tn. And we agreed on a price of $115,000. We've had trouble since the very beginning. The first bank we went to (which knows us very well) said no problem. He went out and looked at the property (it is a foreclosure) and came back and was telling us it was going to make a beautiful house. Then he told us we were going to need more money for a down payment than what we thought. We told him ok we had it...then he said we needed more. It was almost $40,000 we were going to need. I told my husband we would find another lender. We went to another lender and within 2 weeks we were approved....but the real estate agent said we didn't get our paperwork in on time (which we did). I threw a fit and called and talked to the lawyer representing the seller. The real estate agent let us know that they were going to accept our offer that the closing date had changed to June 6th. Our lender called us on May 11th and set up an appointment for us to close on May 15th. Then called us back the 13th and said the underwriter wouldn't sign off because the house was to old (which they knew EVERYTHING before we started the process of applying with them). We talked to ANOTHER lender. They are actually part of the bank that has the house, but she said she would need an extension to get it done but she could do it. When I asked the realtor about getting an extension she said that it would be a 50/50 chance. They might since we were going through the banks lending service.....but she's had 2 other agents make offers on the house. It was my understanding that since we had a buyer's agreement (and there is nothing in it that says the seller can back out if they have a better offer) and we paid our earnest money that they couldn't take offers on it. It also says in the counter offer we signed that if we had an extension we have to pay $50.00 a calender day for any day after the closing date and we are ok with that. But I don't know if there is anything we can do?
Show More
Show Less
Ask Your Own Real Estate Law Question
Answered in 11 minutes by:
5/18/2013
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,551
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified
Hello and thank you for using JA! My goal is to provide you with excellent service and help with your legal problem.
.
It was my understanding that since we had a buyer's agreement (and there is nothing in it that says the seller can back out if they have a better offer) and we paid our earnest money that they couldn't take offers on it.
.
You are correct, the contract is binding up until the closing date set in the contract. However, if you aren't able to close on the date set in the contract and the seller is unwilling to grant an extension, they can terminate the contract on the closing date and would then have to refund your earnest money before they could put it back on the market.
.
As for other offers, while the property is pending, they can still show it and take back up offers that wouldn't be effective until your contract expires.
.
If your contract allows for an extension at $50 per day, the I would opine that the seller probably can't back out and would be obligated to honor the extension clause in the contract as long as you paid the $50 per day. The caveat would be if the seller has to agree to the extension. If they have to agree to any extension and you have to pay the $50 per day, they seller could then refuse any extension, terminate the contract, and then put it back on the market. But It isn't up to the realtor as to whether extensions are granted or not, it is up to the seller.
.

.

.

Thanks.

Barrister

.

.

If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

.

I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

Ask Your Own Real Estate Law Question
Customer reply replied 4 years ago
But what if we don't think the realtor is keeping up their end of the bargain. It seems like she is trying to get us to back out or lose the contract. She has already not gotten our paperwork turned in on time once and we have questions to whether she is actually asking for the extension.
As a Realtor myself, I would suggest that you simply stay on your realtor to represent your interests. They have a duty to represent you first and foremost. I would make it very clear that you expect her to represent you in this transaction and submit documents when asked because you would not want to have to contact the Real Estate Commission based on her doing or not doing things that were not in your best interests. There is a Realtor code of ethics and professional responsibility that all licensed realtors have to abide by and one of the primary rules is that they represent their client appropriately and professionally. If they don't they can be sanctioned by the Real Estate Board including fines up to suspension or revocation of their licenses.
.

.

.

Thanks.

Barrister

.

.

If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

.

I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.


.
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,551
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified
Barrister and 87 other Real Estate Law Specialists are ready to help you
Ask your own question now
Ask Barrister Your Own Question
Barrister
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,551
39,551 Satisfied Customers
Experience: 17 years real estate, Realtor. Landlord 26 years

Barrister is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

5,436 satisfied customers

17 years of legal experience including real estate law.

Barrister

Barrister

Lawyer

39,551 satisfied customers

17 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

7,785 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

7,559 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

6,207 satisfied customers

I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

Dimitry Esquire

Dimitry Esquire

Attorney

5,526 satisfied customers

JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Ely

Ely

Counselor at Law

4,925 satisfied customers

Qualified attorney in private practice including business, family, criminal, and real estate issues.

< Previous | Next >

Related Real Estate Law Questions
If a real estate agent is aware that a rental property has
If a real estate agent is aware that a rental property has had rats that were exterminated, must this info be given to a prospective renter? … read more
Barrister
Barrister
Lawyer
39,551 satisfied customers
I( Buyer) was in real estate contract for single family
I( Buyer) was in real estate contract for single family house and I backed off within option period. I want my Ernest money, however the seller already spent the money. My realtor requested seller to … read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,871 satisfied customers
This relates to a real estate transaction in Texas. I am the
This relates to a real estate transaction in Texas. I am the seller with a house under contract for purchase. The contract says the closing will occur on or before January 18, 2018. It did not occur. … read more
Ray
Ray
Lawyer
Doctoral Degree
7,559 satisfied customers
It's not a real estate I'm question it's a I had a roommate
It's not a real estate I'm question it's a I had a roommate that passed away and he left a lot of junk and stuff in the in my house and I need to get rid of it and his brother isn't even you know doin… read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
Got disconnected... In re: to my real estate questions, is
Got disconnected... In re: to my real estate questions, is this attorney a Texas attorney? … read more
Asad Rahman
Asad Rahman
Attorney
J.D.
2,296 satisfied customers
Is cold calling still legal for real estate agents?
is cold calling still legal for real estate agents? … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
My question is in regard to real estate in south Florida.
Hi! My question is in regard to real estate in south Florida … read more
Barrister
Barrister
Lawyer
39,551 satisfied customers
Real Estate Question. In received notice to collect a debt
Real Estate Question. In received notice to collect a debt on a house in Monroe County, PA. I haven't lived in that house for at least three years (i co-signed to help my sister and her son) I was for… read more
Barrister
Barrister
Lawyer
39,551 satisfied customers
Is it true that if a real estate contract is retained and u
Is it true that if a real estate contract is retained and u start paying on it again it pics it back up … read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
7,785 satisfied customers
Okay, trying again with a Calfornia real estate question
Okay, trying again with a Calfornia real estate question about quitclaim deeds. Papers already filed. … read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,377 satisfied customers
I was wondering if real estate property was held in a sole
I was wondering if real estate property was held in a sole prop and more real estate was aquired to fix up and then held as rentals would it be wise to split the sole prop into real estate and constru… read more
WiseOwl58
WiseOwl58
JD Honors Graduate
3,720 satisfied customers
What is the Colorado statute of limitations for real estate
Hello, what is the Colorado statute of limitations for real estate transaction pertaining to fraud, misrepresentation, omission, or deceit? … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
The rest of my question is a real estate agent listed the
the rest of my question is a real estate agent listed the home. The listing expired in june. The owner has requested in writing that the active status is taken out of the MLS as owner has signed with … read more
Ray
Ray
Lawyer
Doctoral Degree
7,559 satisfied customers
Looking for a real estate attorney in sonoma county, that
looking for a real estate attorney in sonoma county, that can review a case that I have against well's Fargo Bank for fraud & predatory loans. … read more
N Cal Atty
N Cal Atty
Doctoral Degree
59 satisfied customers
I need a real estate lawyer who knows real estate in Oregon
I need a real estate lawyer who knows real estate in Oregon I need a lawyer who specializes in real estate law in the state of Oregon. I am quitting my current property manager and I will be managing … read more
Irwin Law
Irwin Law
Juris Doctor JD
7,089 satisfied customers
In commercial Ohio real estate is their such an agreement as
In commercial Ohio real estate is their such an agreement as a NNN lease that is also a land contract installment which offers some type of equity ownership during or after the lease terms ?… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I have a real estate question related to Florida Real Estate
I have a real estate question related to Florida Real Estate law. … read more
LegalKnowledge
LegalKnowledge
Juris Doctor
28,170 satisfied customers
Real estate law I'm the seller i signed real estate contract
Real estate law I'm the seller i signed real estate contract now i dont want to sell I initialed the contract instead of signing the sale price was illegible so the seller sent an amendment for me to … read more
Damien Bosco
Damien Bosco
3,391 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x