Home Buying in South Bend>Question Details

Zigmom, Home Buyer in South Bend, IN

Can a purchaser that has entered into a right of first refusal with a seller terminate the ROFR at any time?

Asked by Zigmom, South Bend, IN Tue Jan 27, 2009

We have entered into a 90 day, ROFR with a seller. We are currently at about day 45 of the term. We would like to terminate the ROFR with the seller and move forward with an offer on another property. We have paid the seller earnest money towards the house. After 90 days, we will received our money back. Can we terminate the contract early so that we can put an offer in on the other house? Can we receive back our earnest money?

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6
Go get a REAL ESTATE attorney. Call a local title insurance company that has been around for at least 20 years; talk to their in-house counsel, and ask for a referral to an attorney who REGULARLY deals in real estate transactions. NEVER< EVER< EVER take legal advice from a realtor or real estate agent. There are legal consequences here that are significant. Talk to a lawyer--it will not cost nearly as much as you think--and could save you thousands. Take ALL your records and a copy of the contract with you to show the attorney. Good luck.
0 votes Thank Flag Link Thu Jul 8, 2010
I am not an attorney and I do not play one on TV. But, what I understand is that is a bi-lateral contract. The buyer can cancel at any time, the seller cannot. As far as the other issues. I cannot help you there.
0 votes Thank Flag Link Tue Jan 27, 2009
Zigmom... Licensed Real Estate Agents, by law, can not give legal advice... period! However, they can offer opinions based on their expertise and experience. In my opinion, you have entered into a binding contract which is contingent upon the sale of your house within 90 days. If your house does not sell after the 90 days then the contract expiers and buyer and seller move on (or renegotiate). However, trying to break the contract before the 90 days is up has legal consequences... which are spelled out in your agreement. You should discuss these consequences with a lawyer... not a real estate agent. Good Luck!
0 votes Thank Flag Link Tue Jan 27, 2009
Have you checked with your agent to see what they say? I assume you did a first right because you have a house to sell? Has your house sold or are you going to just go to another one to put another ROFR on it as well? Since technically speaking the sellers have not removed their house from active showings, I don't think there should be a problem pulling the ROFR, but it all depends on the agreement you signed. Good Luck!
0 votes Thank Flag Link Tue Jan 27, 2009
Refer to your executed sales offer agreement which details the buyer and seller performance. Speak with buyers agent and attorney .
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0 votes Thank Flag Link Tue Jan 27, 2009
Ever contract for sale is different. Call your agent or if you have a copy of your contract read it over, it will be outlined in detail and will explain who gets the earnest money in each situation.
0 votes Thank Flag Link Tue Jan 27, 2009
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