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/u/pancycle49
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TL;DR at the bottom.
We signed an offer to purchase a house (in California) with an addendum for Seller Financing. The offer was accepted (according to our realtor). About a week later noticed the Residential Purchase Agreement erroneously has seller's initials in the "Seller declines offer" box. Seller's full signature is in the correct place for the primary acceptance section. There is also a Seller financing addendum signed by the seller, with no apparent errors. After noticing the erroneous initials on "decline" we asked the realtor to amend the contract to clear up this mistake. He prepared an addendum noting said initials are "not applicable." We signed this addendum, but now Seller is refusing to sign the addendum. Our realtor (dual agent for both parties btw) said don't worry we have a binding contract. Nonetheless it's been 6 days, and apparently Seller wants to change terms of financing, or doesn't want to sell at all, it is unclear to us. We finished all our inspections, and were ready to release all but one contingency and add a second earnest money deposit on day 17 as outlined in the contract. The one contingency not fulfilled is some documents relating to building and engineering plans we requested numerous times from Seller, which he has not provided. We were reluctant to add our second EMD, as it would become non-refundable at that point, and we were afraid this was our last card to hold in order to compel the disclosure of the documents we requested. The realtor said don't worry about not adding the EMD, because Seller is the one not performing his obligations at that point. There's some other issues clouding this which we have generously agreed to help mitigate out of courtesy: there is a tenant who we were told would vacate before closing, who now requests more time ( we agreed to extend escrow if Seller issues formal notifications to tenant); we agreed to adding more money to our downpayment to help Seller meet their closing obligations; we just today initiated search for alternate financing to see if that can resolve this. But no response from seller. What do we do next? Can we compel seller to move forward?
TL;DR : we have a contract to buy a house. We found a typo in the contract. Seller refuses to sign amendment. We passed our 17 day contingency period without releasing nor adding earnest money. Do we have standing to push this through?
submitted by /u/pancycle49
[link] [comments]
Seller wants to back out of contract. Contract has a typo.
Continue reading...
We signed an offer to purchase a house (in California) with an addendum for Seller Financing. The offer was accepted (according to our realtor). About a week later noticed the Residential Purchase Agreement erroneously has seller's initials in the "Seller declines offer" box. Seller's full signature is in the correct place for the primary acceptance section. There is also a Seller financing addendum signed by the seller, with no apparent errors. After noticing the erroneous initials on "decline" we asked the realtor to amend the contract to clear up this mistake. He prepared an addendum noting said initials are "not applicable." We signed this addendum, but now Seller is refusing to sign the addendum. Our realtor (dual agent for both parties btw) said don't worry we have a binding contract. Nonetheless it's been 6 days, and apparently Seller wants to change terms of financing, or doesn't want to sell at all, it is unclear to us. We finished all our inspections, and were ready to release all but one contingency and add a second earnest money deposit on day 17 as outlined in the contract. The one contingency not fulfilled is some documents relating to building and engineering plans we requested numerous times from Seller, which he has not provided. We were reluctant to add our second EMD, as it would become non-refundable at that point, and we were afraid this was our last card to hold in order to compel the disclosure of the documents we requested. The realtor said don't worry about not adding the EMD, because Seller is the one not performing his obligations at that point. There's some other issues clouding this which we have generously agreed to help mitigate out of courtesy: there is a tenant who we were told would vacate before closing, who now requests more time ( we agreed to extend escrow if Seller issues formal notifications to tenant); we agreed to adding more money to our downpayment to help Seller meet their closing obligations; we just today initiated search for alternate financing to see if that can resolve this. But no response from seller. What do we do next? Can we compel seller to move forward?
TL;DR : we have a contract to buy a house. We found a typo in the contract. Seller refuses to sign amendment. We passed our 17 day contingency period without releasing nor adding earnest money. Do we have standing to push this through?
submitted by /u/pancycle49
[link] [comments]
Seller wants to back out of contract. Contract has a typo.
Continue reading...