Legal Question in Real Estate Law in Georgia

Real Estate Sales Contract

My real estate agent secured a buyer for raw land my family owns.The sales contract states that the buyer/developer is responsible for conducting any studies, surveys, etc. as part of the 60 day due dilgence period to determine if the property is suitable for his purpose. My agents partner, not the listing agent, called me and said she would fax me a list of enviromental consultants to contact because it was ''our'' responsibility to pay for a wetlands study. I read the contract and refused and told the buyer he could cancel the contract, he relented and said he would pay for the study but wanted to be re-imbursed. I refused and he agreed to pay for the study. I am now being asked to sign an amendment giving the buyer an additional 120 days to close. I refused to keep my property off the market for that long. They are threatening litigation and saying it was my responsibility tell the buyer a wetlands study was needed and that is the delay. I feel the agent was not looking out for our interest when she asked us to pay for due diligence that was the buyers responsibility and stated in the contract.I don't feel legally I have to extend the contract but 7 days past the original closing date. The property is worth a lot of money. ???


Asked on 9/04/06, 12:42 pm

1 Answer from Attorneys

Scott Riddle Law Office of Scott B. Riddle, LLC

Re: Real Estate Sales Contract

You didn't actually ask a question, but if the property is worth a lot of money (and even if it is not), you need to have the contracts and issue reviewed by a local real estate attorney. We don't have the contracts, or know all of the facts, and if they are threatening litigation and a delay in closing, you need to get a lawyer soon so he/she can take action, if necessary, prior to the important dates.

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Answered on 9/04/06, 12:51 pm


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