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Hi. My signed (also signed by the seller) offer contract on a property in the Adirondacks has the following item:
12. THIS “OFFER TO PURCHASE” IS CONTINGET upon Seller’s and Purchaser’s Attorney’s approval within ten (10) business days of signing this document. If either attorney makes written objection within the ten day period, and such objection cannot be cured by written approval by both attorneys and all the parties within the approval period, then either Purchaser or Seller may cancel this contract by written notice to the other and any deposit shall be returned to the Purchaser.
The seller's RE broker has just told us the seller's lawyer has rejected the contract with no objection inidcated, just a flat out disapproval. Of course I am letting my lawyer handle it.
Has anybody else been through this?
Hi. My signed (also signed by the seller) offer contract on a property in the Adirondacks has the following item:
12. THIS “OFFER TO PURCHASE” IS CONTINGET upon Seller’s and Purchaser’s Attorney’s approval within ten (10) business days of signing this document. If either attorney makes written objection within the ten day period, and such objection cannot be cured by written approval by both attorneys and all the parties within the approval period, then either Purchaser or Seller may cancel this contract by written notice to the other and any deposit shall be returned to the Purchaser.
The seller's RE broker has just told us the seller's lawyer has rejected the contract with no objection inidcated, just a flat out disapproval. Of course I am letting my lawyer handle it.
Has anybody else been through this?
An offer isnt a contract.... the performance (contingencies) haven't been met
yes, this does suck, but it happens everyday...
sounds like they are still acting within the written contingencies (if i read this correctly)
I had a buyer back out the last day before the closing on a strip mall, after months and months of anguish and lawyers involved....
you, or the other lawyer can always call the lawyer and inquire why...or, this may just how they negotiate-
did they have inspections within this period? appraisals??
I normally give any contracts to my attorney BEFORE I sign them.
Right now all you have is the seller's agent saying the seller's attorney rejected their client's contract.
Funny, in a way though, the purchase and sales agreement form written by the NY BAR Association says at the very top........CONSULT YOUR ATTORNEY................ but nothing in the body of the contract saying either attorney could derail the contract within 10 days if they didn't agree with it.
I normally give any contracts to my attorney BEFORE I sign them.
Right now all you have is the seller's agent saying the seller's attorney rejected their client's contract.
Funny, in a way though, the purchase and sales agreement form written by the NY BAR Association says at the very top........CONSULT YOUR ATTORNEY................ but nothing in the body of the contract saying either attorney could derail the contract within 10 days if they didn't agree with it.
Do you have a buyer's agent?
I do not have a buyer's agent.
Our attorney approved the contract. He said it was a common RE offer sheet for that part of NY. I understand the word 'objection' used in the contract refers to an item in the contract, not the contract itself, and so far the sellers attorney has not spelled out exactly what they are objecting to.
Our attorney approved the contract. He said it was a common RE offer sheet for that part of NY. I understand the word 'objection' used in the contract refers to an item in the contract, not the contract itself, and so far the sellers attorney has not spelled out exactly what they are objecting to.
I am not an attorney, but your contract does not appear to obligate the seller or buyer to provide a reason WHY they are objecting. The sellers lawyer just needs to state (in writing) that they "object". However, until you get it in writing from the sellers attorney, the clock continues to tick. You could just stall, wait and see if they fail to provide a letter within 10 days.
I am not an attorney, but your contract does not appear to obligate the seller or buyer to provide a reason WHY they are objecting. The sellers lawyer just needs to state (in writing) that they "object". However, until you get it in writing from the sellers attorney, the clock continues to tick. You could just stall, wait and see if they fail to provide a letter within 10 days.
They provided a letter yesterday evening, within the ten day period. The definition of the term "object" is what I am curious about. My lawyer has told me don't worry about it because any objection is to be specific to an item in the contract. I trust him he has been doing real estate out of Sratoga Springs for over 30 years. Just wondering if anyone else has been in this position.
We don't have attorney review periods here in Florida. As a non-lawyer, I guess I have a few questions though. First, you wrote: If either attorney makes written objection within the ten day period, and such objection cannot be cured by written approval by both attorneys and all the parties within the approval period, then either Purchaser or Seller may cancel this contract by written notice to the other and any deposit shall be returned to the Purchaser. I would ask my attorney why the buyer isn't obligated to make the nature of the attorney's objection known. After all, you both can't cure something that is not communicated...seems like bad faith dealing to me. And, if it is bad faith, I would think you should have the right to go after them for the expenses you incurred. The second thing is did they give you written notice of the cancellation of the contract? It sounds like you received a verbal notice that the attorney objected but that is not written notice of the objection. And, it also says they have to give you written notice of the cancellation, too, which according to what you wrote, you have not yet received. If nothing else, I'd ask your attorney about that one, too. Good luck!
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