Signed sale agreement

[kanabel]

Hi all!

I have fallen into my own trap I believe, and I would appreciate your opinion. I have recently signed offer to sell one of my property and received deposit for it. Reason for selling it was too many problems (my first rental ever) last year and high maintenance costs as well. I have decided to take loss. Just couple of months before signing the offer (as motivated vendor), there were signs of improvement and stabilization, and finally this whole month, properties around this one were listed at least 20% higher (town in NB), and seem to keep moving on in this specific area of town. Tenants seem to be good at this time as well. I am afraid I panicked I would get hit with problems again and then decided to sell. However, I have thoughts of reversing the deal. Is it legally possible now, and what would be the implications? Thank you for your opinion.
Dejan

 

[GarthChapman]

Have all the conditions been removed by the Buyer - and on time? If they have then you have a firm sale and are obligated to close the sale. If not then get to your lawyer to ensure you act to void the deal as may be required, depending on your Province and on the contract wording.

 

[Thomas Beyer]

a conditional sale is an OBLIGATION TO SELL but an OPTION TO BUY !

an unconditional sale is an OBLIGATION TO SELL AND BUY !!

The only way out is to have buyer not fulfill his obligations .. such as closing late!

 

[kanabel]

QUOTE (GarthChapman @ May 20 2009, 10:15 PM) Have all the conditions been removed by the Buyer - and on time? If they have then you have a firm sale and are obligated to close the sale. If not then get to your lawyer to ensure you act to void the deal as may be required, depending on your Province and on the contract wording.

Yes, buyer has removed conditions on time, closing June 1st. Thanks Garth and Thomas!
Dejan

 

[Thomas Beyer]

QUOTE (kanabel @ May 21 2009, 06:04 AM) Yes, buyer has removed conditions on time, closing June 1st. Thanks Garth and Thomas!
Dejan
shy of buyer not closing on time .. and thus giving you a cause to cancel deal: add to the asset column of your life under "experiences learned" / "stories to tell my grand kids"

 

[RedlineBrett]

Or offer the buyer some $$ to walk away!

 

[kanabel]

QUOTE (thomasbeyer2000 @ May 21 2009, 08:36 AM) shy of buyer not closing on time .. and thus giving you a cause to cancel deal: add to the asset column of your life under "experiences learned" / "stories to tell my grand kids"

You bet I will