Is an addendum to a contract required in Puerto Rico to remove an existing co buyer from a property purchase?
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Is an addendum to a contract required in Puerto Rico to remove an existing co buyer from a property purchase?
Buying a house with a co buyer in Puerto Rico, the co buyer has changed their
mind and does not want to purchase property with me. Option to Purchase has
already been signed by both seller and us making contract binding. Can the co
buyer just call the Realtor and have his name removed or is there an addendum
required to change the contract, who has to sign it and is it a requirement to
have the co buyer removed from contract in writing only?
Asked on September 11, 2016 under Real Estate Law
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
A written contract can only be modified, including removing one of the buyers by a written addendum which is signed by *all* parties to the contract: that is, you, your co-buyer, and the seller would all have to agree to remove him and sign the addendum doing so, and if any of you did not, you cannot remove him and he will be obligated to go ahead on the sale with you.
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