Hello, I have a signed offer for a piece of land I am selling. So both me and the buyer have signed an official contract through a real estate agent. Now the agent contacted me that the buyer asked her to contact me because the want to cancel the buy. What are the rules and regulations if the cancel the signed contract? Contract was signed by all parties on July 23rd. Thanks!
T.M.O | The law is that you can't back out of a contract like this unless there is a...
The law is that you can't back out of a contract like this unless there is a major breach of contract, like something is faulty with the sold property or something missing that was assumed to be included. If you of course agree to cancel the transaction then everything goes away like nothing has happened. If this is not something you want to do do the transaction will go forward as the contract says.
Wallah | Okay, great, many thanks. There is no reason that would allow them to back o...
Okay, great, many thanks. There is no reason that would allow them to back out then. They told the realtor they were scared they cannot get a mortgage to build on this land but of course that really is no concern of mine. The offer is for the land, not for any buildings because there are none on the land. Takk!
T.M.O | Excactly, that is their problem and they should have been able to get a pret...
Excactly, that is their problem and they should have been able to get a pretty accurate estimate from the bank before signing. They are really just asking if you would let them of the hook
Depends on the contract - property sales usually stipulate that the offer is made on the condition that the buyer gets a loan from the bank (that the bank accepts the loan), if the bank declines than there is no contract.
T.M.O | Vafinn er hvort þau fái lán fyrir byggingu á landinu/lóðinni. Þessi aðili er...
Vafinn er hvort þau fái lán fyrir byggingu á landinu/lóðinni. Þessi aðili er að selja lóðina/landið. Það eru ótengd viðskipti og ef það hefði þurft að vera fyrirvari um lán fyrir byggingunni hefði sá fyrirvari þurft að koma fram í tilboðinu
tóin | ég er einfaldlega að benda á að það fer eftir því hvort og hvaða fyrirvarar ...
you have to understand that the one who makes an offer in a house or a land can put in his offer a "fyrirvari um fjármögnun og nánari skoðun" ( dont know the engils word for "fyrirvari". That means, if he cant get a credit for buying the property, or if after closer look at the property which he does not like any more, he can walk out of his offer, and there will be no deal. amen.
