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Buying or Selling a Home/Real Estate Amendment after Contract Expires
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Question
My realtor executed an amendment to a contract from buyer to purchase our house that had already expired. Is it valid?
Hi CHRISTY--
.....excecuted an amendment to a contract that's already expired? Hmmm,IS it valid? That depends on your interpretation of the words "executed,contract,expired and valid:)MAYBE I CAN HELP:
The Purchase and Sale(P&C) Agreements used by MOST Multiple Listing Services (MLS) include a "to close on or before" date AND an "expiration" date. The first is the date the transaction SHOULD close if no problems delay it (called the "Closing Date" & typically 30 to 45 days from the date of the OFFER); while the latter date allows for additional time ( usually 15 days and is called the "Drop Dead Date (DDD)" in most market areas) before the P&C "Self-Destructs" and the transaction terminates.The DDD is established for IF something "legitimate" comes up that delays the closing.Then BOTH BUYER & SELLER MUST SIGN OFF ON THE P&C AGREEMENT AND IT BECOMES A "CONTRACT."
As I'm not an Attorney and cannot practice Contract Law, AND I don't know EXACTLY what your P&C Agreement says, the most I can say is that if BOTH the CLOSING DATE and the DROP DEAD DATE that you and the Buyer contracted to have past, there is NO "Contract," it has "Self-Destructed" through EXPIRATION. So no Amendment written by anyone(IE.Change of Price, Terms, Expiration Date, ETC) would be "valid" unless YOU signed off on it.
If the Closing Date is past, but NOT the DDD,it's still a Contract and the Realtor can write up an Amendment but any such Amendments would only be valid if YOU and the Seller BOTH agreed on it--and SIGNED OFF on it.
Again, I'm no Lawyer, so I suggest that if you're not sure of your situation, you go to your local Legal Aid Offce and ask for a review of your Purchase Documents. Good luck with the sale of your house.
--JIM
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Jim Root
Expertise
How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!
Experience
Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!
Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).
Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.
Education/Credentials
Associate Degree in Real Estate Studies plus:
Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years.
Bachelors Degree in Mass Communications,
Masters Degree in Education/Teaching
Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.
Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!
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