Real Estate Transaction
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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 4 years 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.
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