Legal Question in Real Estate Law in Pennsylvania

signed Real Estate Agreement

I signed a real estate agreement contingent on the procurement of a mortgage. Due to heavy debt obligations I can not get a lot loan mortgage. The owner, who is an individual, has offered to finance a loan to us based on a 3 year baloon at which time if we can't procure a mortgage or pay in full the land reverts back to him. we also can't build or make any improvements to the land in that three years. If I choose not to take his offer will I be in breach of the agreement?

Thank you,


Asked on 4/22/02, 1:54 pm

1 Answer from Attorneys
Gerald Hershenson Law Office of Gerald M. Hershenson

Re: signed Real Estate Agreement

Your agreement should be reviewed by legal counsel. However, assuming the traditional clause is contained in the agreement if you do not accept the ballon financing you would not be in default. However, do not sign any written addendum without the benefit of legal counsel. Presently you should be able to back out of the deal. It is not an attractive offer at this point. Gerald Hershenson Esq.

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Answered on 4/22/02, 5:48 pm


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