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Maverick, Lawyer
Category: Real Estate Law
Satisfied Customers: 6392
Experience:  20 years professional experience
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I am selling house and I have a house closing coming up.The

Customer Question

I am selling house and I have a house closing coming up.The real estate gave me a form Amendment to Contract its says for example. Tom is added as purchaser to contract of sale dated 6aand the second sentence Sellers concession in the sum of 20.000 dollars to be only applied to purchasers closing costs and prepaids. The third sentence is All other terms and conditions of the contract of sale shall remain in full force and effect. What I don't understand about this form is the real estate agent said you have to sign it before closing then she says it can be signed at closing.The sales contract says purchase price 560,000 .and another sentence purchase price includes a concession of 20,000 dollars. Do I really need to sign this form.The agent had said a name added to contract but now I get form it has about the concession.The real estate agent. says one thing bu. does another.Do I have to sign this form .if I don't sign it what happens? The lawyer said 20,000 added on to morgage
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Maverick replied 1 year ago.
Welcome to Just Answer (“JA”)! My name is Maverick. Please note that: (A) The information we provide is general information. No attorney-client relationship or privilege is formed by communicating with me. If you want legal advice, you must consult with a local attorney in person before acting or deciding not to act based on any information given here; (B) Experts answer questions based on the honor system. When I feel that I have provided you with a complete answer, I will ask for you to assign a feedback rating so that JA will compensate me for my time; and (C) You should not be concerned about any short delays between your questions and my replies. Please know that I answer most questions within the hour if I am signed on. If I am not signed on, then I still make every attempt to respond within 24 hours. Thank you for taking the time to understand how this site works. By continuing, you confirm that you understand and agree to these terms. Answer will follow in the pane below as per above parameters….
Expert:  Maverick replied 1 year ago.
So, if you have a contract already in place and you do not want to change the contract, then you do not have to do so. 1. It sounds like the agent is trying to add the name of a purchaser that was not originally part of the deal; if you want to allow that to happen, then the buyers have to give you something in return [even if it just a statement in the amendment that says " in consideration for the sum of ten dollars, seller agrees to allow NEW BUYER to be added as a purchaser to the sales contract. 2. As far as the concession of $20k, the same thing goes. You do not have to agree to this. If they buyer wants you to discount the price by 20k, then you should get something in return for that and whatever that is should be spelled out in the amendment to the contract. If the buyer backs out of the sale, then you can sue the buyer for breach of contract and recover your damages; for example the profit you would have made on the sale of the home plus consequential damages, if any.