Legal Question in Real Estate Law in California
Real Estate Contract
The terms of a recent California purchase agreement for the sale of a residential home stated the terms were ''all cash'' - no loan contingency. One week before the close, the buyers asked for a 1 week closing extension in order to obtain a second appraisal siting the first appraisal came in too low'' and they wanted to be sure of the home's value. The box on the addendum was checked ''other'' not loan. We learned from the title company that the buyer was obaining a loan and that was the reason for the delay. Shouldn't there have been an addendum signed by both the buyer and seller changing the ''all cash'' terms to a loan contingency sale? If so, do we the seller have any recourse even though the sale has closed?
Thank you!
1 Answer from Attorneys
Re: Real Estate Contract
"Recourse"? What is your damage? If the "sale has closed" you got paid, what is there to complain about?? You didn't like the way he got the money?? You totally misunderstand 'all cash'. It means you get paid without having to carry back any loan, and he didn't make it a 'contingency' of sale that he could back out if he didn't get a loan. It DOESN'T mean he guaranteed he had pocket change enough to pay you in full. If you allowed him to formally change from 'all cash' to 'loan contingency', that is a problem of your making, not his fault.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
