Is a real estate contract void if there is a mistake in the amount of conveyable minerals?
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Is a real estate contract void if there is a mistake in the amount of conveyable minerals?
We are selling our house and the 30 acres it sits on. We have a signed contract from the buyer and the option period is over. However, we just discovered that we only own 50% of the minerals but the contract says we will convey 100% of the minerals, rather than just all the minerals we own. We did not know we didn’t own 100%. Does this mistake render the contract void? Can the buyers simply walk away from the sale? Can we?
Asked on February 3, 2012 under Real Estate Law, Texas
Answers:
Hong Shen / Roberts Law Group
Answered 12 years ago | Contributor
No it only makes it voidable, meaning the buyer can walk away if he wants to. To make it void it must be illegal to begin with, or if you committed a fraud, which is not the case here.
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