Contract Signing Snafu.....I Think
I singed up a deal to be closed within 40 days and have a possible buyer for my contract (for a nominal fee of course) and when the seller and I signed the agreement, I forgot to fill in the escrow deposit amount. since there is no deposit, is this contract non-enforcable?
I ask this becuase if my buyer looks at my agreement and sees this and says to himself he can just backdoor me is there anyway to protect myself to minimize that risk?
Also, I need to know, how can I justify to the seller that I do 5$ escrow deposits are just the way I do business and how can I counter them wanting more?
Thanx-
Harkening back to basic Contract Law 101, if your contract has holes or blanks, it is NOT complete or enforceable K, and not enforceable.
So what if the Seller did try to enforce, what could he get? Your escrow of $000?
But if you want to make your K enforceable by YOU, then submit another K with the escrow filled in, immediately, and let S know about it, then if he signs that one, YOU can enforce it.
There is no rule that says you have to have a escrow deposit.
Joe, you can protect yourself to a certain extent by recording a memorandum of agreement regarding real estate against the property which will be discovered in a title search and will typically prevent the "circumvention-buyer" from closing.
If you do not know what I am talking about, just email me back and I can fax it to you.
Regards, Christian
yea go ahead and email me that form of memorandum at www.rejoe_fuse.net put the "@" where the _ is.
Also, since I have no deposit stated in the contract, if I need to get out of it I'm good to go, but I'm sure she'll stay as long as I need her to becuase she's been trying to sell it for so long.