How long can a contract contingent upon acquisition of other properties be valid. Isn’t there a “reasonalble amount of time” factor.

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How long can a contract contingent upon acquisition of other properties be valid. Isn’t there a “reasonalble amount of time” factor.

Under contract over 5 years now. No response from buyer (2yrs.) since sending lthem a letter stating that contract is null & void. Nov.2009 will make 3yrs. Does the buyer still have legal rights? If I’ve not received a response to the letter sent (by lawyer) what rights, if any does the buy have now?

Asked on July 2, 2009 under Real Estate Law, Georgia

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

I think you need to ask this question to the lawyer who wrote the letter for you.  The whole purpose of that letter, as you've described it, was to cut off the buyer's rights.  If that attorney will confirm that it's done, you should be able to rely on that, as long as he or she had all the facts of the situation at the time.

If the original lawyer isn't available, or isn't in the picture for you for whatever reason, you can have the contract and the letter reviewed by any attorney you choose, in your area.  One place to look for new counsel is our website, http://attorneypages.com

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

I think you need to ask this question to the lawyer who wrote the letter for you.  The whole purpose of that letter, as you've described it, was to cut off the buyer's rights.  If that attorney will confirm that it's done, you should be able to rely on that, as long as he or she had all the facts of the situation at the time.

If the original lawyer isn't available, or isn't in the picture for you for whatever reason, you can have the contract and the letter reviewed by any attorney you choose, in your area.  One place to look for new counsel is our website, http://attorneypages.com


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