Purchase of Sale Agreement

[upholstererdave]

Florida. In the purchase of sale that we signed (we being the seller) signed through our real estate agent - the agreement had a clause that states "at the sole discretion of the buyer to back out of agreement per inspection" we took it to mean that if the inspection wasnt any good, they could back out of the agreement. But in this case, the inspection was good and they walked out and took their $5,000 escrow. Do we have any recourse? Any advice? Thanks...Dave

 

[HomeGuru]

Florida. In the purchase of sale that we signed (we being the seller) signed through our real estate agent - the agreement had a clause that states "at the sole discretion of the buyer to back out of agreement per inspection" we took it to mean that if the inspection wasnt any good, they could back out of the agreement. But in this case, the inspection was good and they walked out and took their $5,000 escrow. Do we have any recourse? Any advice? Thanks...Dave

**A: it depends on if there were any other contingencies in the contract to allow the Buyer to walk. Who drafted that contract? That clause is full of loopholes.
Based on the language in the contract, all the Buyer needed to do was ask the inspector what kind of plumbing piping and if the inspector replied galvanized piping, the Buyer could say I wanted copper piping.

 

[upholstererdave]

Exactly. Thanks for your reply. We now know the next time to make it more exact and hopefully more in our favor. Thanks for your time and advice. P.S. The realtor is the one who drew up the contract (the buyers realtor)

 

[HomeGuru]

Exactly. Thanks for your reply. We now know the next time to make it more exact and hopefully more in our favor. Thanks for your time and advice. P.S. The realtor is the one who drew up the contract (the buyers realtor)

**A: 3 things. The Realtor is an idiot. The Realtor is guilty of practicing law without a license for writing the contract. Laslty, why did you even accept the contract without having your attorney reviewing it?