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8 relatives inherited a building. We signed a contract

Customer Question
8 relatives inherited a...

8 relatives inherited a building. We signed a contract almost 3 years ago the buyers back out of the agreement twice is those contract still binding?

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

WS signed the contract but that about all we did

Lawyer's Assistant: Where is the property located?

New yorvity

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

Sorry NYC

Submitted: 3 months ago.Category: Real Estate Law
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Answered in 5 minutes by:
3/25/2018
Real Estate Lawyer: Gerald-Esquire, Lawyer replied 3 months ago
Gerald-Esquire
Category: Real Estate Law
Satisfied Customers: 5,343
Experience: Over 30 years of experience
Verified

Hello,
Thank you for using Just Answer. Please bear with me while I review your question. I will respond fully shortly. Thank you for your patience.

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Real Estate Lawyer: Gerald-Esquire, Lawyer replied 3 months ago

You state the buyers backed out. Were there any contingencies or conditions in the agreement that allowed buyers an out?

For example very often agreements for the sale of real estate are conditioned on the buyers obtaining financing.

Do you know if there is anytghing in the agreement like that?

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Customer reply replied 3 months ago
No not sure. First reason was that there is to much work in the building. The second time price wad to high even though they pagreed to it
Real Estate Lawyer: Gerald-Esquire, Lawyer replied 3 months ago

Okay. Thank you.

1) All agreements for the sale of real estate must be in writing to be valid. If it is not in writing you did not have an agreement.

2) The statute of limitations on written agreements is 6 years. So there can still be an action for damages if there is a written agreement.

3) For the most part what is in the written agreement controls. So it must be read to determine if there were any "outs" for the buyer.

4) If there is a valid basis to sue them the seller is only entitled to damages. You can't force them to buy the house.

I hope the information I provide is useful to you. I want you to be comfortable and satisfied with my attempt to assist you. Please, if you have ANY follow-up questions, feel free to ask.

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Good luck.

Please note: Information is educational and not given as legal advice. Only your local attorney can give legal advice. I can't establish or accept an attorney-client relationship with you. All posts are available for public viewing.

Kind regards,

Gerald

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