Legal Question in Real Estate Law in California
Purchase agreement -- 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.
3 Answers from Attorneys
Re: Purchase agreement -- Urgent!
You have to counter with your bottom line Of course, given the wording you may not have a dealif beneficiaries object.
Re: Purchase agreement -- Urgent!
If you wish assistance in obtaining the release call me directly.
Re: Purchase agreement -- Urgent!
I would counter-counteroffer with a time line that fits your June 3rd closing date, like maybe 7 days and 15 days instead of 10 and 45, but perhaps before doing so, a little telephone or face-to-face inquiry as to the logic and necessity of the requested 10+45 time line might be helpful. Are the beneficiaries stationed in Antarctica? Are there dozens of them? That much time (10+45) is illogically long; no one needs that much time to think over a price, especially when they're already committed to sell to someone. Try to sell your shorter time frame before putting it in writing. Involve your agent or broker in the process, and also the lawyer's broker if he's using one.
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