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  1. 07-17-2011, 06:01 AM #1
    octbaby00
    octbaby00 is offline Renter
    Join Date
    Jul 2011
    Posts
    1

    Default Are we really legally stuck?

    We're in a bit of a unique situation. We went into an arangement with some people to rent their house for a year until we could get our credit score a little higher so we could than buy it a year from now. However, after signing the PSA we decided the house wasn't going to work for us. We were told during the signing that the PSA was void unless we signed a seperate lease agreement with the seller. Which we never did. We informed the seller yesterday we decided not to take the house. She called this morning saying the contract we signed was legally binding. Again, we were told with the lease being signed tha PSA is void. However, after reading the PSA I'm unsure if we're really free and clear to walk away. This is the exact wording of the last part of the PSA under other conditions:

    This agreement is subject to Seller entering a valid lease agreement with Buyer via separate document before Monday, July 18th, 2011.
    This agreement is further subject to all terms of said lease. This agreement is void upon Seller's termination of separate lease agreement or if buyer fails to comply with all terms of the lease. This determination may be delcared at Seller's disgression.

    So are we already legally binded to this PSA? Even though the lease was never signed?

    Thanks!
    Last edited by octbaby00; 07-17-2011 at 06:23 AM.
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  2. 07-19-2011, 06:43 AM #2
    Greg
    Greg is offline Moderator
    Join Date
    Sep 2007
    Location
    Outer Banks
    Posts
    1,281

    Default

    From the little bit you posted it looks like there is no contract without the lease but to be sure you should talk to an attorney and have them read over the entire document.

    For future reference the whole idea was a bad one. Wait until your credit is fixed and you know how much you can borrow before you go house shopping. Especially in a declining market.

    I hope you did not give them any money.
    Your Outer Banks real estate agent. Learn how to buy Outer Banks foreclosures.
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