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Author: inparadise Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127237  
Subject: Re: Poll: seller backed out: push realtor to pay Date: 12/14/2013 11:39 AM
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I wasn't really changing the terms of thw contract.

Sure you were, by asking for work to be done. You can't consider yourself still under negotiation of terms and having a valid contract at the same time. BTW, it's typically better to just get the money from a homeowner and pay someone to get it done yourself so that you can control the quality.

Contingency. Is there for the buyers protection to make sure they know what they are getting.

Sure, and in this case you paid $500 for that insurance. But the seller is not required to bow to your demands to do work. He also has the option to say forgetaboutit, which is what protects him.

Contracts can be tricky things, subject to interpretations of individual words in some cases. One house I bought was only available because it fell through at a previous settlement, where the termite inspection clause was worded something to the effect that repairs were to be done to the buyer's satisfaction. The buyers showed up to the table with their lawyer, who said that his clients would not be buying the house because the work was not done to their satisfaction. When pressed, he further stated that his clients were under no obligation to explain what that meant, and only had to express dissatisfaction. They walked because of cold feet, and with all their deposit money given that loophole. The work was quite satisfactory by any normal judgement, and they would have been hard pressed to come up with a rational reason to back out based on those repairs. When they exist, these loopholes work both ways, benefiting the buyer or the seller.

Read your contracts word by word. IT IS A CHORE AND THEN SOME, but worth it. If you can't understand the clause, have a lawyer explain it to you. A Realtor does not give legal advice, and does want to minimize anything that will interfere with the sale, including you really understanding the contract, which they probably don't understand. I've lined through some pretty ambiguous working on P&S contracts. No doubt these contracts were used successfully 99.999% of the time, but if I could see the loophole it was getting eliminated.

IP
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