Legal Question in Real Estate Law in Georgia

Terminate �purchase and lease agreement� contract

Here is our situation,

1. Signed �purchase and lease agreement� to purchase three houses.

2. We could not get loan approval (also home insurance) for all three due to the bad condition of the houses.

3. Seller took very small steps to correct the bad condition over a period 2 months. 30 days past our closing date. It is still not complete.

4. We want to back out of the contract, as the houses were not in a condition as stated or described orally.

5. We faxed our termination contract to seller.

6. Seller is not signing the termination letter. Seller wants us to send our lender again to restart the loan process (just because he has made some small fixes). We are tired of it and want out

7. Our agent says we will not get our earnest money unless seller agrees and signs the termination papers. We have already lost significant money on having the houses appraised � appraisal fee.

We are new in this area. Please help us with any advice.

Thanks!


Asked on 5/13/03, 3:38 pm

2 Answers from Attorneys
Charles W. Field Charles W. Field, Attorney at Law

Re: Terminate �purchase and lease agreement� contract

It is difficult to apprise you of your rights without actually reviewing the contract. You should seek a consultation with a local attorney for this purpose.

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Answered on 5/14/03, 9:59 am
Cheryl Rivera Smith The Smith Law Firm

Re: Terminate �purchase and lease agreement� contract

You can go to small claims court, and, if you win, with the court order the escrow agent or attorney holding your money should release it. Keep in mind the Seller cannot sell the houses to someone else without signing a release of contract.

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Answered on 5/13/03, 6:06 pm


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