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KJL LAW, Arbitrator
Category: Real Estate Law
Satisfied Customers: 1527
Experience:  Attorney at Law Office of KJLLAW
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My wife and I own a commercial building (jointly). After

Customer Question

My wife and I own a commercial building (jointly). After many months of negotiation I signed an "Agreement to Purchase Real Estate" The buyer presented me with several versions of the agreement but my wife's name was never on it as a seller, just me. I am considering getting out of the agreement because there is a clause which I don't like. It wasn't what I agreed to but I did sign the thing without a careful enough review. Under a part "Representations, Warranties..." there is a clause that says "Seller is the sole owner of good, marketable and insurable fee simple title" which at the time I thought I was. So where do I stand. So where do I stand?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  KJL LAW replied 1 year ago.
Good afternoon. In order for the contract to be legal, both you and your wife as joint owners must sign the contract to sell. If her name is ***** ***** the agreement then you cannot transfer, sell, because you alone are not allowed to sell. If you have an attorney, you should tell him/her uou would like to void the contract due to the fact that you alone cannot sell, and she has not signed the agreement to sell.I hope this helps.
Customer: replied 1 year ago.
But will I be personally liable for something because of the clause that says "Seller is the sole owner of good, marketable and insurable fee simple title"?
Expert:  KJL LAW replied 1 year ago.

The buyer can try and hold you liable for fraud and try and force a sale. The clause "Seller is the sole owner of good and marketable title and insurable fee simple" means that you are contracting that you can sell. In these types of cases the buyer can attempt an action fraud on the contract based upon your misrepresentation in the contract.