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What is the seller's compensations if buyer does not keep his agreement to purchase real estate?
There are remedies available to the Seller if a buyer does not purchase the real estate as agreed in a written, fully executed contract. These are only available to the seller if the buyer has signed the contract and there are no limiting conditions such as a financial clause, inspection clause, due diligence period, etc. If the buyer breaches the contract the seller may sue to keep the buyer's deposit, sue for damages caused by the buyer breaching the contract, and may also sue for "specific performance" which would force the buyer to purchase and close on the real estate.
Can a buyer cancel a real estate contract?
The purpose of a contract is to make the agreement binding on the parties. There are generally provisions in a contract that allow cancellation under specific conditions. They revolve around contingencies, most commonly an inspection and financing. Beyond that a buyer can cancel a contract but will likely lose any deposit. Even then it is possible for the seller to sue for nonperformance.
Is there a time limit to sign a real estate contract by seller?
The time limit a seller has to sign a real estate contract will be part of the contract the buyer writes with his agent. Typically a buyer will get a recommendation from his Realtor what is customary in the local market. This can vary from giving the seller just a few hours, up to several days or more.
Which answer best describes an independent person who works for both the buyer and the seller between the date the purchase contract is signed and the date the closing takes place?
escrow officer, lender, real estate agent
What is the definition of an as is residential real estate purchase in North Carolina?
You accept the property in the condition it is in at the time of the purchase. The seller makes no warranties and you can't make any claims against the seller to make repairs.
What is the seller's compensations if buyer does not keep his agreement to purchase real estate?
There are remedies available to the Seller if a buyer does not purchase the real estate as agreed in a written, fully executed contract. These are only available to the seller if the buyer has signed the contract and there are no limiting conditions such as a financial clause, inspection clause, due diligence period, etc. If the buyer breaches the contract the seller may sue to keep the buyer's deposit, sue for damages caused by the buyer breaching the contract, and may also sue for "specific performance" which would force the buyer to purchase and close on the real estate.
Can soldier and Sailors Relief Act terminate a real estate purchase contract as a seller because of PCS order being cancelled in Arizona and how?
Yes, the Soldier and Sailor Relief Act can terminate a real estate purchase contract in Arizona.
Can a seller change their mind in real estate transaction?
The seller cannot change their mind once they have signed a contract unless there is some language in the contract that will allow them to back out of the sale. You need to review the terms of your purchase and sale agreement.
What if seller won't fix inspection defects for a real estate sale?
In my state the Seller may refuse to fix items. The Buyer may then agree to accept the house "as is" or they may cancel the contract; providing there is an Inspection Addendum that states this. Inspections should be referred to in your contract or as an Addendum. If you used a broker or real estate agent, s/he should be able to show you what the appropriate language was in the contract.
What are land grant contracts?
A land grant contract is an agreement between a buyer and seller to purchase real estate. The contract will specify terms and conditions and sometimes involve owner financing.
Can you cancel a new car purchase contract before picking up the car?
Not likely but you can ask the seller very nicely if they will let you out of the contract. If not seek legal advice, but I would think you are bound to that conract.
Can a buyer cancel a real estate contract?
The purpose of a contract is to make the agreement binding on the parties. There are generally provisions in a contract that allow cancellation under specific conditions. They revolve around contingencies, most commonly an inspection and financing. Beyond that a buyer can cancel a contract but will likely lose any deposit. Even then it is possible for the seller to sue for nonperformance.
What happens when a person dies while selling their house?
If the decedent has signed a binding contract to sell the house, then his or her estate must abide by it and sell the house according to the terms of the contract. The executor has no power to simply cancel the contract nor is the contract automatically cancelled by the death of the seller.
Who excutes a Texas real estate contract?
A real estate contract may be executed by the buyer and seller; trustee; attorney; builder/contractor. Any party to a real estate contract may execute a real estate contract.
When is a contract for real estate considered executed?
Upon both the buyer and the seller signing the contract.
When is a real estate contract valid?
When it has been signed by the buyer and seller.
Can a seller cancel a real estate contract?
It's going to be up to the listing agent and his/her company. If they agree, you'll be asked to sign a Mutual Release that absolves them of any future/further liability.
