Q: Can Buyer "cancel" a Self-created Real Estate Contract with NO Contingencies, because appraisal was lower than contract?
Real Estate Contract
This contract is made on May 28, 2019, by *** and *** (Seller) and *** and *** (Buyer)
Seller agrees to see to buyer the following described Real Estate: The Property address is ****** , Las Cruces, NM 88011. The Property is located in *** Subdivision (legal description)
Parcel # *-***-***-***
Buyer will pay $525,000 for the property and following personal property:
Hot Tub, 2 Televisions, 1 Fountain, Stereo Equipment, Washer and Dryer, Refrigerator, stove, Patio Furniture, gas bbq, and various garden tools.
Buyer and seller agree to pay settlement costs per local customs.
---------This is the wording of our agreement, signed by all parties.
Appraisal came in $50k below contract price.
/Do we have legal recourse if they try to simply cancel this contract? Closing is currently scheduled for 7/26.
A: Lawyers are very intelligent and highly trained professionals--but we are not soothsayers; nor do we do crystal balls. Therefore, I am constrained by a fundamental law of the universe (being unable to know what the future may bring) and am unable to opine on your current dilemma. Advice: wait and see.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.