Legal Question in Real Estate Law in Oregon

Seller offers than changes mind
Developer's real-estates agent offered for river front homme. While 6 houses had been built, lot nr. 1, which I wanted, had no house on it yet. I was told a 3000 sq.feet custom home and 3-car garage would be built on the lot, with a deck by the river and I could give my design input. Asking price was 450.000 - 500.000 $. We wrote up a 450.000 $ offer and I gave a promissary note of 10.000 $ as requested, while 20.000 $ was due at the time of acceptance of design. 4 days later the developer rejected the offer, stating he was not ready yet. Due to the many unknowns of the elevation, escavation and engineering of the properties he is unsure at this time of what floor plan he can do and what costs he is going to be faced with and the design is going to be his at this point. He has promised my realtor I will be in 1st position to come in with an offer when the time is right. Is this legal, I looked at the house twice, one time with the developer's realtor who walked the lot and pointed out the lay-out of the house. My offer was almost 100.000 $ more than the other houses build. How can you offer a house for sale, and then change your mind. I made a special trip, thought I had a contract and put my house for sale. Is this legal?

Asked on 7/30/04, 6:16 pm

Ken Koenen Koenen & Tokunaga, P.C.

0 users found helpful

0 attorneys agreed

Re: Seller offers than changes mind

You don't have a contract until both parties have signed the documents.

Answered on 7/30/04, 6:53 pm

Keywords

Match Any Match All

Country

State

Area of Law