State: MAINE
We're in a bit of a unique situation. We went into an arangement with some people to rent their house for a year until we could get our credit score a little higher so we could then buy it a year from now. However, after signing the PSA we decided the house wasn't going to work for us. We were told during the signing that the PSA was void unless we signed a seperate lease agreement with the seller. Which we never did. We informed the seller yesterday we decided not to take the house. She called this morning saying the contract we signed was legally binding. Again, we were told with the lease being signed tha PSA is void. The lease wasn't signed at the time of the PSA because they had one more person coming to look at the house and they wanted to be able to back out on us if they got a offer. So does is work both ways? Is it also void because we don't sign the lease? After reading the PSA I'm unsure if we're really free and clear to walk away. This is the exact wording of the last part of the PSA under other conditions:
This agreement is subject to Seller entering a valid lease agreement with Buyer via separate document before Monday, July 18th, 2011.
This agreement is further subject to all terms of said lease. This agreement is void upon Seller's termination of separate lease agreement or if buyer fails to comply with all terms of the lease. This determination may be delcared at Seller's disgression.
So are we already legally binded to this PSA? Even though the lease was never signed?
Thanks!
Tracey
We're in a bit of a unique situation. We went into an arangement with some people to rent their house for a year until we could get our credit score a little higher so we could then buy it a year from now. However, after signing the PSA we decided the house wasn't going to work for us. We were told during the signing that the PSA was void unless we signed a seperate lease agreement with the seller. Which we never did. We informed the seller yesterday we decided not to take the house. She called this morning saying the contract we signed was legally binding. Again, we were told with the lease being signed tha PSA is void. The lease wasn't signed at the time of the PSA because they had one more person coming to look at the house and they wanted to be able to back out on us if they got a offer. So does is work both ways? Is it also void because we don't sign the lease? After reading the PSA I'm unsure if we're really free and clear to walk away. This is the exact wording of the last part of the PSA under other conditions:
This agreement is subject to Seller entering a valid lease agreement with Buyer via separate document before Monday, July 18th, 2011.
This agreement is further subject to all terms of said lease. This agreement is void upon Seller's termination of separate lease agreement or if buyer fails to comply with all terms of the lease. This determination may be delcared at Seller's disgression.
So are we already legally binded to this PSA? Even though the lease was never signed?
Thanks!
Tracey