What to do if we have a real estate contract that is missing the sales price?
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What to do if we have a real estate contract that is missing the sales price?
We have a agreement to buy property that the sale price was missed on the
contract. It shows we can make the monthly payments and when paid in full the seller will provide a deed and the buyer will accept the deed. It also has a close that this contract does away with any prior agreements. Both buyer and seller have signed this.
A prior contract that was provided to the buyer from the seller shows a price
but also has other agreements that was removed by the seller.
The seller has said that he will not sign the deed even if the sale price from
the prior contract has been meet will not sign a new contract if one is drawn
up.
What rights doe we have as the buyer to make the sale go thru?
Asked on October 24, 2018 under Real Estate Law, Kansas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
The current contract is not enforceable, since it lacks a material or critical term--price. Without that term, there is no "meeting of the minds" (no mutual agreement as to all key terms) and no contract is formed. That means the close that it does away with prior contracts should not be enforceable, since if the contract is void, it is wholly without effect. While you will want to hire and consult with an attorney about this situation, since it is NOT the usual one and will present unusual challanges (so you need a lawyer who can evaluate the situation in detail and advise you), based on what you write, a strong argument can be made that the prior contract remains in effect and can be enforced.
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