Real Estate Transaction

Get Legal Help Today

 Secured with SHA-256 Encryption

Real Estate Transaction

I signed a paper agreement Typed on a computer with a investor titled
‘Agreement to purchase Real-estate’ to sell my house in Florida upon the outcome
of his inspection, on a agreed price. My tenant now tells me she is interested in
purchasing the house at a way better offer, can i back out of the first deal?

Please Advise

Thank you
Steve

Asked on July 12, 2019 under Real Estate Law, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 1 year ago | Contributor

A written agreement to sell a house to a given person for a price set in the agreement is a binding contract, even if it was drawn up by either the buyer or seller, or even if it were handwritten: there is no requirement for some specific or official form. A written agreement to sell for a given price: that forms an enforceable contract. 
However, we are not 100% clear on what you mean that is was "contingent ...on an agreed price." If the price was agreed on, then, as per the above, the contract is binding. But if there was no pricve yet set in the document, then it is NOT a binding contract, because there is no agreement as to "material" (important, or in this case, critical) term, and the two of you might not be able to ever agree on the price, thus never forming a contract. So if what you meant is that the price is to be determined later, there is no contract yet, and you could sell to your tenant.


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