Altamonte Springs, FL asked in Real Estate Law for Florida

Q: My wife and I recently met with a local real estate developer's representative, in their office and

signed a contract for purchase after it was accepted by the developer's main office. Now, seven days later, I received a call saying that their Senior Vice President did not approve the deal and wants us to pay $7,500 more for the house. They call it an "honest mistake" and want to increase the agreed upon price. What options do I have in this deal.

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2 Lawyer Answers
Andy Wayne Williamson
Andy Wayne Williamson
Answered
  • MIramar Beach, FL
  • Licensed in Florida

A: You need to meet with a real estate attorney to have him or her review the contract that was signed in detail. It will depend upon the wording of the contract and the terms of the contract.

Jennifer Isaksen agrees with this answer

Richard Paul Zaretsky
Richard Paul Zaretsky
Answered
  • West Palm Beach, FL
  • Licensed in Florida

A: Likely the contract was signed by you but not the seller and somewhere in there it says that until the seller signs, there is no contract. Your choice thus is to say sorry - you are not adjusting the price, or walk away from the transaction (and get a return of your deposit).

A reading of the contract is necessary.

As a matter of general contract law, the deal is a deal once the parties have both signed the written agreement so there is a "meeting of the minds" and written evidence of it. Real estate transactions must always be in writing as a matter of law.

Jennifer Isaksen agrees with this answer

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