Legal Question in Real Estate Law in Iowa

purchase agreement

We have a purchase agreement on a home ''for sale by owner''. The currect owners wouldn't accept a subject to sale offer, so we counter offered without. Our current home is not sold and we are having second thoughts about purchasing this home. Are we legally bound to purchase it now? Our closing date is in 23 days.


Asked on 10/25/05, 11:16 am

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: purchase agreement

Yes, most certainly. Probably your only hope is if your agreement is contingent on financing. If so, your lender probably will not allow you to have two mortgage payments. Notice that this is a lot of "probablies." Please contact a real estate attorney in your area for this matter, and BEFORE you sign any contract for real estate in the future.

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Answered on 10/25/05, 11:26 am


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