Apr
22
Commercial real estate question. Can I get out of a signed contract as I am having buyer’s remorse?
By
Commercial property in the state of Maine. My wife And I have signed most of, but jointly not all the documents releated to this commercial real estate purchase & sale agreement. The inspection had been completed and i have agreeded to correct problems cited, however my wife who is out of state has not yet signed this document. We are having second thoughts in a big way and would like to delay or walk away from this deal. We would be willing to reimburse the buyers’ for their inspection cost. Please advise. Thanks
Repossession
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4 Comments
July 17th, 2009 at 4:44 am
Usually you can walk away, but you could be sued for specific performance.
July 19th, 2009 at 1:08 am
You should be able to still back out but their might be some recourse in damage to the buyers.The best thing to do is talk to your Realtor and offer to pay the buyers back for certain things.Hope everything works out for u.
July 22nd, 2009 at 4:17 am
ask your attorney but i am pretty sure since your wife hasn’t signed it the contract is not complete and on top of that you have 3 days before its finalized….although i highly recommend checking with your attorney as the sellers will be angry and most certainly try to bully you into honoring the ‘contract’/ think it through again though and compare your reasons for buying and your reasons for not wanting to buy now…maybe its just nerves. good luck
July 23rd, 2009 at 3:46 am
If you’re referring to the contract that has not been officially executed, as your wife is required to sign (is she?), then you techically don’t have a legal, binding agreement in place and you can back out any time you wish. Although if you’re referring to the closing documents that will actually transfer ownership, then you should first review your executed contract. There should be a “default” provision for the seller and the buyer. obviously you’d be more interested in the requirements if you default (don’t sell, or don’t do what’s required of you as the seller). Thereafter consult your broker, if you have one, or an attorney as to how the contract will effect you.