Are2 home purchase contracts enforceable?

Get Legal Help Today

 Secured with SHA-256 Encryption

Are2 home purchase contracts enforceable?

I signed a home purchase contract with a builder to build me a home. The contract was not contingent on financing. I decided that I wanted to by a different home from the same builder that was already built. I signed a new contract that includes a financing contingency. My financing fell through. Can the original contract be enforced?

Asked on February 22, 2012 under Real Estate Law, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

The issue is what happened to the original contract when you signed the new contract which included a financing contingency. If the original contact was cancelled by the agreement of the parties, or the new contract specifically replaced and superceded the original one, therefore cancelling it (which again, would have to be by agreement of the parties), then the original contract cannot now be resurrected after its cancellation.

On the other hand, if the original contract had not been cancelled, or the agreement between you and the builder was that the new contract would replace the old one if the new one came to fruition or completion (i.e if you bought home 2, then you would not have to buy home 1), then the original contract would still be in force.

Thus, the answer depends on what was the agreement between you and the builder in regards to the first contract when you signed the second one.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption