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My 80 year old mom signed a contract to sell a commercial…

My 80 year old...

My 80 year old mom signed a contract to sell a commercial building in CA. I need her to keep it as it's her only source of income. We have received a contingency removal requesting 30,000 reduction in price. I have told the Broker (who is representing both seller and buyer) that we do not accept the offer. I would like this to be done and over. Is this possible?

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

I believe only the original contract to have the broker sell. I have the title company paperwork (not filled out at all). No other documents.

Lawyer's Assistant: Have you talked to a CA lawyer about this?

No, I'm just so upset I don't know where to turn. My dad passed away just over a year ago and this was the wrong decision to sell by my brother. We need to keep the building and maintain the rent for my mom.

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

The buyer went to my tenant on Wednesday as he needs to occupy 51% of the building to get his loan. He asked my tenant (who is going to stay in his portion of the building) to sign a document stating the buyer would get 51% of the building. Then after the buyer got the loan he would tear up the document and give him one months rent for doing so. My tenant told him no - he would not commit fraud or take the bribe.

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Answered in 1 hour by:
4/27/2018
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 43,083
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

.

Does mother want to keep the building now?

.

And the buyer has asked to reduce the price by $30K in order to proceed with the sale?

.

When is the closing scheduled for? or is it even scheduled?

.

.

thanks

Barrister

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Customer reply replied 3 months ago
My mother does want to keep the building. It is her main source of income from the rental.I have a contingency removal to reduce the price by 30K. The following day after I told him I reject the offer he sent a letter saying he changed his mind and will take it for full price. I told the Broker no.There is no closing scheduled, I have not even started the title company paperwork.

Ok, if he asked to reduce the price by 30K, that would be considered a counter offer. And when you rejected it, that kills the deal.. His new offer at full price is a brand new offer that you are able to accept, reject, or counter offer.

.

So at this point, you don't have an enforceable contract because you rejected the reduced offer and have not accepted the new full price offer.

.

With that said, you aren't legally bound and can simply walk away from the deal..

.

.

thanks

Barrister

Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 43,083
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified
Barrister and 87 other Real Estate Law Specialists are ready to help you
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Customer reply replied 3 months ago
Is there anything I can do or say to my broker who keeps bullying me? I told him I don't accept the offer and am done.
Joycelaw
Joycelaw, Attorney
Category: Real Estate Law
Satisfied Customers: 124
Verified
Phone call session started

Honestly, probably not.. The broker wants a commission and if no sale occurs...no commission.. So you just have to stay firm and tell him that mom has rejected their offer for the 30K less and will not be accepting their new full price offer as she has decided to keep it.. Once he realizes this ship has sailed, he should ask mom to sign a release of any escrow funds to finally formally kill the deal..

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Customer reply replied 3 months ago
Thanks so much!
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