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Ask Legalease Your Own Question
Legalease, Lawyer
Category: Real Estate Law
Satisfied Customers: 16377
Experience:  13 years experience in RE Law, including LL/Tenant, contractor disputes, comm'l prop. issues
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Per phone conversation with our realtor 3/5/16, a signed

Customer Question

Per phone conversation with our realtor 3/5/16, a signed addendum by seller(us) originated by seller(us) agreeing to reduce asking price with a included CR#1 for ALL contingencies to be removed. Addendum returned by buyers signed, however with a new CR #1, contingencies removed except "loan contingency". FYI, last of contingencies schedule to be removed in 4 days. CR was changed without prior discussion and with no notice of forthcoming change. Does this substituted CR (made to appear as if this CR was the original #1 included in the addendum) void the addendum? And if I cancel sale because of what i perceive as fraud can I recover out of pocket cost to date related to these buyers in preparation of this home for sale to them? There are many more details relevant to our consideration for canceling this sale however with this recent issue being all I want to tolerate. Our realtor was to further discuss with buyers' realtor today however advised late today we are to receive a call tomorrow morning from our realtor and his broker with an explanation(?).
Thank you
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Legalease replied 1 year ago.

Hello there --


Any addendums signed after the original purchase and sale date are operative and become part of the contract. However, if you feel that they keep asking for reductions in the sale price and you are not getting back anything in return such as them dropping contingencies, you certainly do have the right to back out of this sale contrsvt and you will be permitted to keep a reasonable amount of any deposit that they made in order to compensate you for your damages while you were waiting for them to get their act together.. It sounds to me like they are having difficulties obtaining financing if that contingency is still in the contract and so you should flush that out with their realtor in order to determine if they can truly afford the house in the long run anyway.


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