Legal Question in Real Estate Law in California
Purchase agreement counter -- Urgent
We received a counter. Our price is accepted, but additional terms are listed. The seller is an attorney for the deceased owner. It says:
''Seller to seek clearance for sale from beneficiaries within 10 days of acceptance of offer.''
Also, ''Beneficiaries are given 45 days to object to terms of sale. Close of escrow cannot occur until after the beneficiaries' 45 days unless written consent is received from the trust's residual beneficiaries prior to the 45-day notice period.''
We want to close on June 3rd without delay, so we want to be able to walk away with deposit unless the written clearance is received within 10 days of acceptance. But the wording in the counter sounds too open for us.
Please advise. Thank you.
2 Answers from Attorneys
Re: Purchase agreement counter -- Urgent
You are right to be concerned about the counter.
The counter in effect gives the sellers 45 days to try and find a better offer.
I would suggest that you insist that you counter the counter and state that Seller shall seek clearance with beneficiaries within 5 days of acceptance of offer and and that the beneficiaries must give their consent within 15 days. Even that is generous.
Otherwise you might not even know if you have a deal until mid June or later.
Another option would be accept their time frame (although you probably would not be able to close by June 3rd) and provide that you could walk away any time prior to being notified of the approval by the beneficiaries ( or 45 days whichever is sooner).
I doubt that the seller would accept this as then he would not have a deal now and he would be in the same position that he is unreasonably trying to put you in.
Re: Purchase agreement counter -- Urgent
Answered in first post.
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