Real estate contract

[feed your mother chicken]

What is the name of your state?Missouri.
My Mother entered into a contract to sell land 2 yrs ago to a developer to keeps promising to close "Soon" I believe he has been shopping the contract to banks to get loan.How can she get out of this contract?

 

[quincy]

What is the name of your state?Missouri.
My Mother entered into a contract to sell land 2 yrs ago to a developer to keeps promising to close "Soon" I believe he has been shopping the contract to banks to get loan.How can she get out of this contract?

The contract would need to be reviewed in its entirety. Usually a contract will have a time limit for performance, after which time the contract becomes void.

I like your user name.

 

[feed your mother chicken]

Thank you.My elderly mother is an old country girl who like to fry everything.So,i cook her Chicken a bunch of ways to keep the pork weight off her.

 

[adjusterjack]

Delay is the deadliest form of denial.

Mother needs a lawyer who isn't chicken.

 

[Litigator22]

What is the name of your state?Missouri.
My Mother entered into a contract to sell land 2 yrs ago to a developer to keeps promising to close "Soon" I believe he has been shopping the contract to banks to get loan.How can she get out of this contract?

There is but one sensible answer as this point which requires that mom spend some money with an attorney who can tell her if she is in a position to rescind and/or somehow void the contract. And if so upon what grounds and what procedure is required.

However, even if legal grounds appear favorable should the developer refuses to quitclaim, the process won't be cheap, simple or quick. Nor can success be guaranteed. Hopefully neither the agreement nor an abstract has been recorded.

The important thing for you is to understand that real property law and the laws of contract are beyond the understanding of a layperson. So feed her fowl but not foul advice. (I can't believe I wrote that.)

 

[quincy]

So feed her fowl but not foul advice. (I can't believe I wrote that.)

Groan.

It does not appear from what has been said that there has been a closing on the property.

 

[LdiJ]

There is but one sensible answer as this point which requires that mom spend some money with an attorney who can tell her if she is in a position to rescind and/or somehow void the contract. And if so upon what grounds and what procedure is required.

However, even if legal grounds appear favorable should the developer refuses to quitclaim, the process won't be cheap, simple or quick. Nor can success be guaranteed. Hopefully neither the agreement nor an abstract has been recorded.

The important thing for you is to understand that real property law and the laws of contract are beyond the understanding of a layperson. So feed her fowl but not foul advice. (I can't believe I wrote that.)

You are assuming that "contract" means a contract sale, rather than "contract" meaning an accepted purchase contract. If its the former, you are correct that it might not be simple or quick to undo. However if its a purchase contract and the terms have not been met, it might be quite simple. I tend to think that its an accepted purchase contract since it has not yet closed.

 

[quincy]

You are assuming that "contract" means a contract sale, rather than "contract" meaning an accepted purchase contract. If its the former, you are correct that it might not be simple or quick to undo. However if its a purchase contract and the terms have not been met, it might be quite simple. I tend to think that its an accepted purchase contract since it has not yet closed.

I read it as an accepted purchase agreement, too.

Many buyers will include in their purchase agreements one or more contingency. One common contingency is for financing. If the buyer is unable to obtain financing, the contingency allows the buyer to back out of the agreement without penalty.

The "two years" is a puzzle because most sellers will not wait two years to close on a property.

 

[LdiJ]

I read it as an accepted purchase agreement, too.

Many buyers will include in their purchase agreements one or more contingency. One common contingency is for financing. If the buyer is unable to obtain financing, the contingency allows the buyer to back out of the agreement without penalty.

The "two years" is a puzzle because most sellers will not wait two years to close on a property.

I know someone (a client) who waited that long. The offer was really spectacular and was unsolicited. They were just sitting on the land. It did eventually happen, but was not quite as spectacular...close, but not quite.

 

[quincy]

I know someone (a client) who waited that long. The offer was really spectacular and was unsolicited. They were just sitting on the land. It did eventually happen, but was not quite as spectacular...close, but not quite.

It does not sound like mom (or at least mom's child) is wanting to wait any longer - and, if the buyer is having two-year's worth of trouble trying to find financing, the offer might have been spectacular but its realization seems awfully iffy.

The contract really needs to be personally reviewed in its entirety by a legal professional in Missouri.

 

[TigerD]

There is no way to answer this question on the Net. The documents she has have to be reviewed by an attorney. Non-lawyers have a tendency to use loose language that confuses the issue.

Talk to an attorney. They aren't that expensive and don't usually bite.

TD

 

[quincy]

... Talk to an attorney. They aren't that expensive and don't usually bite.

TD

I think Litigator does.

 

[TigerD]

I think Litigator does.

I wonder if that is a separate line item on his fee contract.

TD

 

[Just Blue]

I think Litigator does.

But Lit actually made a funny! He never makes funnies! Perhaps he is turning over a new leaf?

 

[quincy]

.. Perhaps he is turning over a new leaf?

Oh, I strongly doubt that.