Purchase agreement buyout
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Purchase agreement buyout
I recently sold a mobile home with a purchase agreement for x months at x% interest.I gave the buyer credits at the begining of the agreement to help him out thinking i would come out ok with the interest being my profit.Now he wants to do an early buyout which leaves me with a negative profit.Since the purchase agreement does not provide for an early buyout am I forced to accept this?
Asked on June 18, 2009 under Real Estate Law, Texas
Answers:
J.V., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
If the agreement between you and the buyer is silent on the issue of additional payments resulting in an early buyout the problem becomes what will control as far as governing law. In general an argument can be made for both sides and depending on what each party brings to the table a ruling can go either way.
A contract requires a meeting of the minds and this can become an issue if both parties did not agree with the same end result in mind. You have to try and work this out with the buyer and if the two of you are unable to come to an agreement at that point you may want to hire a local attorney. The attorney can review the contract and see if in fact either side will have a better avenue to pursue and the attorney may be able to work with the buyer and his attorney to settle the matter.
Proceeding with this may be cost prohibitive but I cannot be sure as I don't have the numbers. You may also want to explain attorneys cost money and it will benefit both parties to settle and possibly you can receive the credits back or something like that. Good luck
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