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Once the purchaser puts money, full sale amount, in escrow…

Customer Question
Once the purchaser puts...

Once the purchaser puts money, full sale amount, in escrow can the seller back out.

Lawyer's Assistant: What steps has the seller taken so far? Have they prepared or filed any paperwork?

Seller hired a title company did the search on property found it to be clear buyers title search turned up an old lien showing from a bank no longer in business, the bank that took over is not showing the lien. Buyer requested proof that lien was satisfied now seller is trying to back out stating buyer waited to long to sign his revised contract, noting to do with said lien. Just to be aware the buyer is leasing the property with the option to buy for the amount that was placed in escrow.

Lawyer's Assistant: Where is the property located?

NJ

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I think this is it buyer lawyer states that the acceptance of the escrow by seller s lawyer is a contract

Submitted: 3 months ago.Category: Real Estate Law
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Answered in 1 minute by:
3/22/2018
Real Estate Lawyer: Loren, Lawyer replied 3 months ago
Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 38,795
Experience: 30 years of real estate practice experience.
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Thank you for using JA. I am Loren, a licensed attorney for over 30 yrs., and I am here to help.

I am a certified expert on JustAnswer since 2009, with nearly 100% in satisfied customer ratings. So, we should be able to work through your problem.

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Real Estate Lawyer: Loren, Lawyer replied 3 months ago

Does the contract have any specific provision allowing cancellation?

Is there a fully executed contract?

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Customer reply replied 3 months ago
Sale contract was not signed, the purchaser was waiting for the seller to show proof of no past lien but the seller did accept the money for the property. The lease stating that buyer can purchase for a certain amount had no such clause.
Customer reply replied 3 months ago
Would prefer to message as I am at work.
Real Estate Lawyer: Loren, Lawyer replied 3 months ago

Thank you for the additional information. I am sorry to hear of your dilemma. I realize how frustrating this is for you and I hope to provide you information which is accurate and useful, even though it may not be the news you were hoping to get. I just ask that you not shoot the messenger.

Unfortunately, under the Statute of Frauds, the law requires certain types of contract to be in writing and signed by the party you wish to enforce the contract against. So, no matter what other action was taken, without a signed contract from the seller, there is no legal obligation to assert against the seller that the court would enforce regarding the sale of the real estate. This is true even if they took the buyer's deposit, let them move in, etc.. Without a written agreement, there is no enforceable contract.

I am sorry. I wish I could tell you otherwise, but I do not want you spinning your wheels on this.

Did you have further questions? Have I answered your question? Please let me know.

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Real Estate Lawyer: Loren, Lawyer replied 3 months ago

Are you still online with me?

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Customer reply replied 3 months ago
Buyer has a lease with purchaser which gives the buyer the option to purchase the property at anytime durning the five year lease with the amount stated in the lease. Does this make a difference?
Real Estate Lawyer: Loren, Lawyer replied 3 months ago

They can sue under the lease to enforce the terms of the option, but for the terms in the contract for sale to be enforceable in court there will need to be a signed contract.

In other words, the option is enforceable, but if the lease does not contain the specific terms of the sale then the buyer/lessee needs an enforceable written sale contract with specific sale terms. Otherwise, they might have a "bad faith" breach of contract claim.

If (and only if) you are completely satisfied that your question is answered professionally and accurately, even if not the answer you were hoping to get, please remember to leave a favorable rating (click 5 stars in the rating section on this page). It is the only way that I am credited by JustAnswer for answering your question.

There is no additional charge to you for rating me favorably.

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Real Estate Lawyer: Loren, Lawyer replied 3 months ago

Did you have further questions? Have I answered your question? Please let me know.

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Real Estate Lawyer: Loren, Lawyer replied 3 months ago

If you have no further questions please remember to rate my service (5 Stars) so that I am credited by JA for answering your question and also so that I may close the question.

There is no additional charge to you for a 5 star rating of my service.

Thank you for using JA.

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