Legal Question in Real Estate Law in Massachusetts
Contract to purchase Real Estate #501(Sellers withdrawal)
As Sellers, we signed a (Contract to purchase real estate) also known as the ''Offer letter''. We have not signed the Purchase and sale agreement. Our question is the following:
What are the consequences of we the sellers (Withdrawing) from the ''Offer letter''? The Real Estate agents are telling us to seek advice of an attorney because the buyers want to now force us to sell the house. We are confused because we thought the P&S was the real binding contract that tied us in without the ability to withdraw. Could you please shed some light on the scenario?
1 Answer from Attorneys
Re: Contract to purchase Real Estate #501(Sellers withdrawal)
If the offer was signed and contains the essential terms (price, date for performance, property description, etc.), it is a binding contract. The buyer could file a lawsuit requesting the court to order the sale. Massachusetts courts have ruled the offer is a binding contract to sell land and if signed by both parties then it is the binding on the both parties. Once the purchase and sale is sigend the offer is no longer controlling, however, if the purchase and sale is not yet signed, the offer is controlling.
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