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Bruce Lemieux
"Specializing in the Best of Montgomery County, Maryland"
- 44 Helpful Answers
- 142 Answers
- 3 Listings
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I help buyers and sellers in Montgomery County and lower Frederick County, Maryland. I only help clients in areas that I know in detail, so don't work
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& Awards:
Bachelors of Science, University of Tennessee
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With two school-age kids, my wife and I follow our kids to soccer games. I
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About:
Bruce and Jeannette Lemieux are The Lemieux Team specializing in the Best of Montgomery County, Maryland. Since great people need great homes in all price
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Bruce Lemieux answered:
This is a great question for your settlement attorney. If you and both sellers have signed the contract, then I believe that you are ratified. Of course, this doesn't mean anything until the bank agrees to the short sale, but that's not your question.
Your contract should have a two page notice titled "Notice to Buyer and Seller of Buyer's Rights....". Take a look at this addendum. Among other things, it describes the buyer's rights in the event that the seller does not provide disclosures at the time you sign the contract. Most of us never pay attention to this language since disclosures are pretty much always provided when you write the contract. If disclosures are not provided, then this notice says that the buyer can rescind the contract and have the escrow deposit returned within 5 days of receipt of the disclosures.
So what does this mean to you? Not withstanding other issues with your contract, I believe that you are fully ratified even without the other seller's signature on the disclosures. However, assuming that you don't receive disclosures before settlement, I believe that you could void (rescind) the contract at anytime and argue that you never received disclosures as required. Your argument would be that since only one seller signed the disclosures, you did not receive completed disclosures. This may sound like a technicality, but it's definitely legit if the other owner is aware of issues with the home and hasn't disclosed them.
I believe that you are OK, but the sellers are at risk in this case. Of course, I'm not attorney so don't treat this comment as professional, legal advice. Run it by your settlement attorney to get the right answer.
Good luck.
Your contract should have a two page notice titled "Notice to Buyer and Seller of Buyer's Rights....". Take a look at this addendum. Among other things, it describes the buyer's rights in the event that the seller does not provide disclosures at the time you sign the contract. Most of us never pay attention to this language since disclosures are pretty much always provided when you write the contract. If disclosures are not provided, then this notice says that the buyer can rescind the contract and have the escrow deposit returned within 5 days of receipt of the disclosures.
So what does this mean to you? Not withstanding other issues with your contract, I believe that you are fully ratified even without the other seller's signature on the disclosures. However, assuming that you don't receive disclosures before settlement, I believe that you could void (rescind) the contract at anytime and argue that you never received disclosures as required. Your argument would be that since only one seller signed the disclosures, you did not receive completed disclosures. This may sound like a technicality, but it's definitely legit if the other owner is aware of issues with the home and hasn't disclosed them.
I believe that you are OK, but the sellers are at risk in this case. Of course, I'm not attorney so don't treat this comment as professional, legal advice. Run it by your settlement attorney to get the right answer.
Good luck.
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