Robert, Home Buyer in League City, TX

if home purchase expires and I do lease is purchase still valid

Asked by Robert, League City, TX Tue Feb 12, 2013

entered agreement to purchase contigent on my house selling & financing which was 90 expired so we did lease agreement.
my house short sold, financing fell thru.
I found broker with another house and they were able to get around shortsale.
am I in breach of contract for first house?

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Jeffrey Benn…, Agent, Pittsburgh, PA
Wed Feb 13, 2013
It all depends on the specific wording of many documents: the original sales contract and sale/settlement contingency (probably an addendum), the lease agreement, any buyer agency agreements you signed with your agent (or agents? sounds like there might have been two), and the second sales contract. There are more issues, such as the disposition of deposits, whether you're breaking the lease terms by moving, whether you're in breach of buyer agency contract(s), etc.

I can imagine a full range of outcomes, from nothing to forfeiting three deposits and paying two commissions and a years' rent. If you're asking the question here, somebody must be unhappy.

As Blair notes, you really can't get help for such a complex issue here. Ask your broker or call the local bar to find an experienced real estate attorney familiar with Texas contract law to sort this all out for you. Bring all the documents, and any notes, emails or other records of the transactions you have. Good luck!
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Blair W. Coh…, Agent, Monroeville, PA
Wed Feb 13, 2013
I suggest you contact a good real estate attorney to discuss your situation.
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