Purchase Agreements

The Statute of Frauds requires that for a purchase agreement concerning real estate to be enforceable it must be in writing. Leases that have less than a one year term are the exception.

It is purely customary. The parties can negotiate what closing costs and expenses they will be responsible for.

First, your rights and remedies are spelled out in the provisions of the purchase agreement. No one can tell you if and how you can stop the process without first reviewing the documents. Second, do not feel bullied by any mortgage broker or agent to complete a transaction without first speaking with a competent real estate attorney. You may be able to “back out” of your deal, but not without first reviewing the transaction documents.

It depends on what the Non-Disclosure Agreements says. Usually in a commercial brokerage agreement there will be some provision dealing with Non-Circumvention of the broker.

Once listings or buyers agreements are endorsed with a broker, the signor may be obligated for a sales commission even if the broker was not directly involved with the final transaction. You will need to provide the documents to a competent real estate attorney for further review to determine what your obligations and options are.

So the legal description/lot size was misrepresented in the home listing. Unless you made the listing document itself as part of the purchase agreement, it cannot be relied upon, and the seller is not liable to you for the stated lot size. You did your due diligence by having the property surveyed. There should be a contingency period in which you can either move forward or cancel the transaction. You should also have your earnest money returned or if you determine if the price is appropriate for the lot size, you have the option to move forward.