Consumption and Real Estate
Real estate contract – after 30 days? Need a new one?
my husband and his four siblings own 16 acres of land in the Adirondack Park in New York (it was left to them by their parents). Siblings have expressed interest in the possession of all the land for a horse farm. All siblings (as well as advise from) on a price and a written contract agreed. The contract was first written June 2009 and expressed a “former” first day of July 2009. If 1 July comes, and they have not finalized a new financing agreement (with new data) issued? Or is it remains in force until their funding comes from travers.Merci! There are no brokers involved. Only a lawyer for the buyer and the seller. I wonder if there is a time that the agreement “expires” and a new contract is required. (One person mentioned the possibility to save out) … (UGH. family ..!)
Answer by Danielle M
you need a new treaty. Brokers are usually a contract extension for a few weeks. Since the whole family you do not even really, unless the siblings on the support of the face of a siblings plan.
“soonest closing date” is what I would ask about. I am a Realtor and this seems to me to be what we call an “open ended contract”. There is a date of July 1st, however it says “soonest” not “closing date OF July 1st”. Without reading the contract in it’s entirety, it is binding until it closes, no matter how long it takes.(hence the term “open ended”) Normally you have a set date, and if you needed more time, an “ammendment” would be drawn up with a new date and all parties would sign. I dont know the legalities dealing with the family member who wants to back out, because of the “open ended” issue. It would probably have to be agreed apon by all parties and papers signed. Until then, I THINK he would still be obligated under the contracts to perform. GOOD LUCK! (I am not a lawer, nor am I giving you legal advice, just opinion)