Q: Can the seller back out of contract after already signing purchase agreements because they got a better offer?
All the papers have been signed, only thing left to do is deposit and inspection. But now they are saying they received a better offer (all cash) and are going to get a lawyer back out of our agreement. But isn't it illegal to go into a new contract with a new buyer as a seller after you are already in another contract? Condo in brigantine NJ.
A: The answer requires a review of the contract of sale to what condition precedent there are which required satisfaction.
A: General rules of a contract can generally be changed by the parties and in most cases will be ruled by the terms of the contract. Thus a lawyer would need to review your contract to give you an answer. Expect to pay that attorney for his time and advise in reviewing your contract and speaking with you.
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