How to get out of home sale contract?
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How to get out of home sale contract?
My mother signed a contract to sell her house to an investor; no money was exchanged. She was going to move out of state to be with me. Since then, however, she has changed her mind about selling. I offered to pay the investor for any money he has spent if the contract were to be broken. He has since sought a lawyer and has drawn up papers that state if my mother sells her house within the next 2 years then she has to sell it to him for the same price. Is this legal?
Asked on June 20, 2012 under Real Estate Law, Pennsylvania
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
From what you have written about the real estate transaction that your mother entered into, she needs to consult with a real estate attorney to protect her interests. If she signed a contract to sell her home to a buyer and the contract meets the requirements for a valid contract where the buyer can close escrow within the time period stated in the agreement for the stated purchase price, your mother seemingly is bound to the contract.
However, the buyer seems to have an amendment to the contract where your mother does not have to sell the buyer her home if she keeps it off the market for two (2) more years. Such an amendment seems legal from what you have written.
To be sure, you and your mother should consult with a real estate attorney about the matter that you have written about.
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