Legal Question in Real Estate Law in Kentucky

Contingency Contract Question

I have recently made an offer on a home and was prequalified with financing contingent upon the sale of my home within 60 days. The offer was accepted, but the seller has maintained the option to sell the property with a 48 hour first right of refusal on the property. My home has been on the market for 30 days and no offers have been extended. I have just recently found out that I am going to be relocated with my current employer out of state, so I want to take my home off the market and retract my offer on the first property due to the uncertainty of what the next 30-60 days may hold. What are the proper legal steps to take in order to make this happen? Thanks


Asked on 9/11/06, 11:01 am

1 Answer from Attorneys
Philip Owens Philip M. Owens, Attorney at Law

Re: Contingency Contract Question

You are at the mercy of the person with whom you have a purchase contract. If he allows you to cancel your purchase contract, then you are good. I realize that there was a contingency clause regarding the sale of your house, however, your voluntary pulling your house off the market would not (in most instances) qualify under this contingencey. Your statement that the seller of the house that you are purchasing has "...maintained the option to sell the property with a 48 hour first right of refusal on the property.? leads me to think that your purchase contract is not a contract but and extended option to purchase. If your seller will not let you out of the contract, then you should have local counsel read the contract to see just exactly what category it fits in.

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Answered on 9/11/06, 2:53 pm


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