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We had an agreement of sale that we signed but did not

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contain all of the necessary...
We had an agreement of sale that we signed but did not contain all of the necessary attachments and documents. When we received the agreement of sale, it had the box checked stating there was a “Settlement of Other Property Contingency” addendum attached, which had to be initialed and was part of the contract. Our real estate agent, requested the “Settlement of Other Property Contingency” information that was absent at the time we signed the contract from the buyers’ real estate agent. We did not receive this information timely and as a result, we executed a “Notice of Termination of Agreement of Sale.”
When the buyers’ real estate agent received the termination notice, it was at such time the addendum that was not included in the contract to our agent was sent. When the addendum was forwarded to us from our real estate agent and we reviewed it, we did not like the terms of the contract due to the “Settlement of Other Property Contingency with Timed Kickout Addendum.” If this document had been present, at the time of signing, we would have rejected the offer. Hence, this document was missing. We feel that this was a misrepresentation by the buyers’ agent and full disclosure of ALL terms and conditions of the contract did not occur at time of signing. As a result, this contract is voidable since documents were omitted.
However, the agent and buyers’ believe that based upon our original signing of the contract, even without all of the documents and full disclosure, the contract is still binding. Needless to say, we signed an incomplete contract, one without full disclosure of the buyers’ terms and conditions and in our opinion this constitutes an invalid contract. As a result, we would have accepted another buyers’ offer since we had two offers at the time, with the Sammons’ being one of them.
The following details the sequence of events during the week of May 2, 2016 from our real estate agent that was emailed to the buyers’ agent:
I had asked for the Settlement of Other Property Contingency Addendum when we spoke Tuesday evening May 03, 2016, as it was not included with the original offer. The following sequence of events underscore my client’s decision below:
· On Thursday May 05 at 1:13 p.m., I sent you the Notice of Termination of Agreement of Sale since my clients still had not received the necessary documentation to clarify the terms and conditions of the offer on the buyer's home.
· On Thursday May 05 at 1:48 p.m., you emailed me the Agreement of Sale for the buyers home with their purchases.
· On Thursday May 05 at 3:38 p.m., you emailed the Settlement of Other Property Contingency Addendum for home.
· After sellers were able to examine this new information concerning the sale of the buyer's home they discovered it has a Settlement of Other Property Contingency with Timed Kickout Addendum included with it. They were not provided these additional factors on the evening of May 03 as it was not included with the original offer you provided.
Based upon this new information which had not been previously disclosed to my clients, my clients have rejected your offer from the Sammons. I will be returning your deposit check.
In full disclosure, we received a third offer subsequent to this, that we accepted.
Thank you in advance for your legal assistance.
Submitted: 7 months ago.Category: Real Estate Law
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Answered in 3 hours by:
12/5/2017
Real Estate Lawyer: WiseOwl58, Lawyer replied 7 months ago
WiseOwl58
WiseOwl58, Lawyer
Category: Real Estate Law
Satisfied Customers: 4,560
Experience: Experienced real estate lawyer and real estate broker.
Verified

If the agreement was not complete and did not contain all of the attachments, then it is voidable, at your option. Since you sent the notice of termination, the agreement is cancelled and null and void. You have no obligation under the agreement, given these circumstances.

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Good luck to you. I wish you all the best.

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Real Estate Lawyer: WiseOwl58, Lawyer replied 7 months ago

Checking in to see if you are satisfied with the answer and are ready to close out the question or if you need something else from me.

Thanks and best wishes.

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Real Estate Lawyer: WiseOwl58, Lawyer replied 7 months ago

Checking in to see if you are satisfied with the answer and are ready to close out the question or if you need something else from me.

Thanks and best wishes.

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