Legal Question in Real Estate Law in Massachusetts
Purchase and Sale Agreement
P&S signed by all parties. The seller (me) has found out that our property (residential single fam home)is worth significantly more than what we accepted. Buyer is developing a subdivsion where only access is through my lot. During original contract negotioation the buyer stated there were "other approaches" he could use for the access but at the town Planning Board meeting we attended this was found to be untrue. The only access is through our lot. had we known this information the price would have been higher. Can I cancel our P&S. This is the binding agreement language in the P&S:
"Binding Effect: The submission of a draft of this agreement or a summary of some or all of its provisions does not constitute an offer to sell or an acceptance of an offer to buy the within premisis it being understod and agreed that neither buyer or seller shall be legally obligated with respect to the purchase or sale of the within premises unless and until this agreement has been executed buy both buyer and seller and a fulley executed copu thereof has been delivered to both parties."
1 Answer from Attorneys
Re: Purchase and Sale Agreement
Based on what you've said, you're in a tough spot. Don't give your reasons for wishing to cancel out to the other side or you will be in bad shape. Probably the very worst reason to give is that you think you can get a higher price now that you look back on it, and your ignorance was your mistake, for the most part.
That's preliminary advice. You need to take all your papers to a lawyer, and do so soon. There is no automatic way out, and people are often forced to go through with the sale once they've signed the P & S. (There are exceptions, but again, the one exception that usually won't work, is that you think you made a bad deal price-wise.)
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