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Another Legal question

GuvamintCheeseGuvamintCheese Member Posts: 38,932
edited August 2005 in General Discussion
If I sign an agreement to sell my piece of property to a person at a specified price, can I back out of agreement without damage to me? I do not want to sell to this person, what can I do?

Comments

  • stevegsteveg Member Posts: 845 ✭✭✭✭
    edited November -1
    did you put in wrighting that either party can back out of the deal in a resanble amount of time
  • jimbowbyjimbowby Member Posts: 3,496
    edited November -1
    [8D]--If you signed an AGREEMENT , it doesn't matter where you are, state/county, your're signed , you are LIABLE for proposed liabilities!!!![8][8][8][:D]

    I'm only wearing Black untill they make something darker
  • nemesisenforcernemesisenforcer Member Posts: 10,513 ✭✭✭
    edited November -1
    Probably nothing. If you breach (not turn over the deed or perform your end of the bargain) he can sue you for damages or even specific performance depending on the circumstances.

    Were you "overreached" in legal terminology? i.e. were you duped or is there a patently unfair term in the contract of which you were not aware or wasn't made clear to you? Was undue pressure applied to get your consent to the agreement? If so, you might have a defense to the contract's formation but these circumstances are pretty rare with two knowing and consenting adults. Sorry to say, but you might be out of luck. Courts take a pretty dim view of someone who just has seller's remorse.

    "Just because you're paranoid doesn't mean they're not out to get you."
  • select-fireselect-fire Member Posts: 69,482 ✭✭✭✭
    edited November -1
    Tell me you didn't sign an agreement with an option to purchase on the subleasee.
  • 1armbandit1armbandit Member Posts: 432 ✭✭✭
    edited November -1
    Agreement + signature = commitment

    ...usually.

    Whoever said the pen is mightier than the sword obviously never encountered automatic weapons.
    --General George S. Patton, Jr.
  • danski26danski26 Member Posts: 284 ✭✭✭
    edited November -1
    Some states have a three day "cooling off" period for all contracts. Wisconsin is one that does.

    danski
  • mpolansmpolans Member Posts: 1,752 ✭✭✭✭✭
    edited November -1
    So many variables here:
    1. Where are you?
    2. What was the contract for?
    3. What were the terms as stated in the contract?
    4. What were the circumstances?
    5. Was there any misrepresentation? (lies)
    6. Any misunderstandings?
    7. Why do you want to back out?
    8. etc., etc.
  • GuvamintCheeseGuvamintCheese Member Posts: 38,932
    edited November -1
    Yes , I guess you could say there were thing not disclosed to me. The buyer is a straw purchaser. I have become aware that he is buying this property from me to evict one of his competitors and take over his location! the business he will evict has been a good long time tennant, and I was not aware of this.
  • GuvamintCheeseGuvamintCheese Member Posts: 38,932
    edited November -1
    quote:Originally posted by select-fire
    Tell me you didn't sign an agreement with an option to purchase on the subleasee.
    NO 2 different deals. I wish I wouldve gone to Law School!
  • mpolansmpolans Member Posts: 1,752 ✭✭✭✭✭
    edited November -1
    quote:Originally posted by cartod
    Yes , I guess you could say there were thing not disclosed to me. The buyer is a straw purchaser. I have become aware that he is buying this property from me to evict one of his competitors and take over his location! the business he will evict has been a good long time tennant, and I was not aware of this.


    It sounds like the guy had an agent and remained an undisclosed principal because he knew you would not sell to him. IIRC, this is naughty and can be an excuse to avoid the contract, but I don't remember the specifics of the law and I'm not 100% sure.

    But, there *might* be a legal way to back out. I highly suggest you consult a competent attorney licensed to practice in your area.
  • ZERODINZERODIN Member Posts: 6,338
    edited November -1
    The general rule on getting out of contracts is that hiring a lawyer now will be cheaper than hiring one after you get served with a lawsuit for breaching it. The only actual advice that I can give you is to consult a lawyer in your area. It sounds like you may have a leg to stand on, but it would be a stretch given what I've read so far. An experienced lawyer will be able to help you, and if you really want to get out of the contract then it will be worth the price.
  • bpostbpost Member Posts: 32,220 ✭✭✭✭
    edited November -1
    quote:Originally posted by cartod
    Yes , I guess you could say there were thing not disclosed to me. The buyer is a straw purchaser. I have become aware that he is buying this property from me to evict one of his competitors and take over his location! the business he will evict has been a good long time tennant, and I was not aware of this.


    I would be VERY cautious to not let emotion enter into the business transaction of selling real estate. The selling agent may have a beef with you too. If the seller paid your price then get the cash and RUN. Business is business, the tenant is a big boy and can fend for thenselves in this world. It is not wise business to fight someone elses battles.

    IMO
  • NighthawkNighthawk Member Posts: 13,100
    edited November -1
    In most of the States you can back out of any legal binding contract within 48 Hrs if it was signed in your home.

    Rugster




    "Toujours Pret"
  • 1armbandit1armbandit Member Posts: 432 ✭✭✭
    edited November -1
    quote:Originally posted by ZERODIN
    The general rule on getting out of contracts is that hiring a lawyer now will be cheaper than hiring one after you get served with a lawsuit for breaching it. The only actual advice that I can give you is to consult a lawyer in your area. It sounds like you may have a leg to stand on, but it would be a stretch given what I've read so far. An experienced lawyer will be able to help you, and if you really want to get out of the contract then it will be worth the price.


    Yep. Good advice. If you want to void the deal (which I don't recommend you do from what you've told us), hire an attorney. Also note ZERODIN's comment, "An experienced lawyer." Be sure to get one that does this sort of thing all the time. It will cost you less and you will get better legal service. Unfortunately, most lawyers are willing to take on any case brought in their door... and learn a new area of law AT YOUR EXPENSE. I would also get a lawyer who carries malpractice insurance so, if he screws up and you end up with judgments against you, you can go after him to recover your losses.

    Bottom line: letting it go is the best route you can take. Like bpost1958 said, "business is business."

    Bandit



    Whoever said the pen is mightier than the sword obviously never encountered automatic weapons.
    --General George S. Patton, Jr.
  • ZERODINZERODIN Member Posts: 6,338
    edited November -1
    quote:Originally posted by 1armbandit

    Bottom line: letting it go is the best route you can take. Like bpost1958 said, "business is business."

    As purely friendly, non-legal advice, I agree with that entirely. The law does not protect you from making bad deals - you're supposed to protect yourself from bad deals by not making them in the first place. As a result, it is usually the best business decision you can make to cut your losses (if any) and walk away.

    Besides, if you want other people to get handouts, you can always vote Democrat. [;)] (Unless you want big business to get handouts, then vote Republican. [:P])
  • BigGun74BigGun74 Member Posts: 189 ✭✭✭
    edited November -1
    To repeat what has been said earlier, see an experienced lawyer, preferably one who is good with real estate. Depending on the circumstances, you might be able to get out of your contract. Real estate is it's own area of law, and the resulting contracts have to be much more technical to be enforceable. Have a lawyer look it over, and you might have an out, that wouldn't be there for a normal contract for other types of sales. Or you might be able to able to sell the land and still protect your tenant from eviction by the new owner. There is more than one way to skin a cat in this business.
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