Indianapolis, IN asked in Real Estate Law and Contracts for Indiana

Q: Signed expired purchase agreement on home. Contract states if not signed by seller and accepted by buyer before expirati

on then it's null and void and no liability on either party. Is the seller still somehow liable?

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Debra Kradjian Stephans
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A: This is basic contract law. There are 3 essential elements to a contract. Offer, Acceptance and Consideration. An offer typically has a time limit and if it does not it will be based on a reasonable time. Since there is a time limit on the purchase agreement in question, the offer expires when the time limit has passed. If one of the parties has signed that same agreement, that can be considered a new offer, or counteroffer and the other party would have to accept that new offer by signing it.

Certainly, if both parties are still interested in moving forward with the agreement they can always do so.

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