Expert: Karyn Foley - 5/8/2010

Question
QUESTION: I recently went to Florida for the 1st time,while there i saw a house that i liked and made an offer, it was a model home that was built 2007 , my offer was excepted on the spot (cash deal)i gave a $500.00 deposit, signed the contract to buy , i didn't tell my spouse of 31 yrs. that i did this, she told me she won't  leave NY which means i can't leave her behind and now i have to bail out of this deal, it's been aprox 12 days since i signed  and have also sent a letter to seller explaining, will owner keep the deposit and sue me for failure to perform or breach? I'm sick thinking about this, i have til the end of may to close.what to do?

ANSWER: Dear Robert:  Please check with an attorney to learn if you and/or Florida are in a state that requires both signatures of a married couple.  That would be called a community property states.  If so, it may be that your contract is not enforceable.  This is a legal question, and we, as agent, cannot "practice law without a license".  Also, check over your contract with reference to contingencies.  This means a period time in which you can perform due diligence with reference to finding out information, receive documents from the seller requiring disclosure and needs your signature for approval, do inspections which also require your approval.  If so, then you can exercise that right and not approve and be able to get your money back.  I do not have a copy of your contract, and thus you should seek out a lawyer's help.  That would probably cost you some money if this is something you cannot ascertain or comprehend on your own.  The money may be less, as much as, or more than the deposit.  Try to reach a compromise with the seller.  But hurry up, because your limit limit may expire.  The seller also has the obligation to try to find a new buyer.  In the scheme of things, five hundred dollars may teach you a valuable lesson.  It is quite unlikely that you will be sued for failure to perform, but you need support and direction on this.  Karyn Foley

---------- FOLLOW-UP ----------

QUESTION: although iv'e been together with my spouse of 31 yrs. we never married,  only my name is on the contract. So until i get some paper work from owner releasing me from my obligation, they pretty much have me in choke hold? should i wait til owner responds to letter i sent before i contact a lawyer? i don't care about losing the deposit as opposed to being draged into court (OMG)thanks.

Answer
1.  If the owner releases you, it is important that you get it in writing.  In real estate, and with all contracts, any changes have to be agreed upon by all parties and signed accordingly.
2.  I cannot answer if you will be in a choke hold or not.
3.  Take another look at your contract as it probably includes a mediation clause followed by an arbitration clause.  Both buyer and seller need to initial/or sign these clauses in order to be part of the contract.
4.  Why don't you contact this same All Experts site and see if they have a legal section?
5.  If either you or the seller were represented by an agent or company, contact that person, manager, owners, et cetera, to ask for guidance and direction.
6.  See what the owner respond to, and then make a decision.  I have no idea as the time frame for your contingencies to be up.  You never answered me as to what your contingencies are and the time limits on them.
7.  You should also check into the laws of your state to see if there is one regarding common law marriages and if they apply to you and if so, how? with relation to this contract.