Contracts are probably involved in every major purchase, investment opportunity and legal action you take. When it comes to real estate contracts, they are sometimes referred to as a purchase and sale agreement, contract for sale, purchase contract, agreement to purchase or agreement for sale. Always read contracts thoroughly and make sure you understand everything. You might want to have a lawyer look over any contracts before you sign them. Learn more here about contracts and how to protect yourself.
Breach Of Construction Contract
A buyer says he's having trouble getting earnest money back from his builder after deciding not to buy a home. The buyer can sue the builder for breaching the construction contract.
Breaking A Realtor Contract
A first-time home buyer wants to break the contract with her Realtor because the agent is doing a poor job. The contract is through the brokerage, and a managing broker should be able to set this buyer up with a new agent. If the managing broker won't solve this problem, the buyer's agent contract should be canceled in writing.
Water Leak Appears On Day Of Closing
A home buyer finds a water leak in his new home that began before the purchased closed. If the contract provides that the seller must make repairs to the property for issues that are evident prior to the closing, then the sellers might be obligated to make the repair. Because the sellers didn't know about the issue, it couldn't have been disclosed and they likely have no obligation to make the repair under seller disclosure laws.
Understand Mortgage Documents Before Signing
No one should ever sign his or her name to a mortgage loan or any other legal document without understanding exactly what the document says and what the transaction is all about. Mortgage documents can run several dozen pages, but by initialing each page, you're certifying that you have read and understand what each page says.
Breach Of Contract Due To Death
A woman and her husband had a real estate contract at the time of his death. Ilyce explains the breach of contract due to death clause and how it applies to this unfortunate situation. Unless the contract states that in case of the death of either the seller or one of the buyers the contract could or would be terminated, the contract will remain valid.
Builder Won’t Fix Problems From Low Water Pressure
A home buyer says the builder of their new construction problem didn't disclose a water pressure problem. The homeowner now has more problems from lack of water problem that the builder will not fix. The owner needs to determine what caused the problem and what is in the contract before going after the builder.
Seller May Cancel Sale Due to FHA Mortgage Requirement
When you buy a home with an FHA loan you have to follow their rules, including one where you can't close on a home if it was just sold 90 days earlier. If a seller is eager to sell he may not want to wait that long. Can the seller keep the buyer's deposit if the closing gets delayed or canceled?