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  1. #1
    Join Date
    Apr 2013
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    3

    Default Can a Co-Owner Unilaterally Cancel a Sale if the Other Owner Still Wants to Sell

    My question involves real estate located in the State of: Pennsylvania

    My wife is Tenants In Common on a property she inherited from her father.She and the other owner have a signed agreement of sale(with deposit).The agreement was signed in February,and was supposed to close in April.The other owner(who has been uncooperative since my father-In-Laws passing in February 2011)needed time to find a new residence,the buyer was nice enough to agree to push back settlement to June 1st.With a Mortgage Commitment date of March 25.The bank and/or buyer want to move the Mortgage Commitment to May 1.The other owner now wants to cancel the Agreement of Sale,using the movement of Mortgage Commitment as her reason.Can she use this as a Legal way to cancel the contract? If not and she backs out anyway.I know the Broker can sue us for Commission earned,Buyer can sue us.

    1-Can the other owner legally cancel this contract?

    2-If not what damages can the buyer sue us for?

    3-If we are sued,by Broker and Buyer can we sue the other owner her for damages(what ever we lose)because we don't to cancel.

    Thank You

  2. #2
    Join Date
    Sep 2011
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    OH10
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    17,019

    Default Re: She Just Can't Back Out of a Signed Contract.can She

    May 1st, is a modification of the contract, unless the contract provides for such modification, everyone can be held to the terms of the contract. A modification may void the contract or create the ability to sue for performance under original terms. We have not read the contract. The agent gets paid according to the terms of the contract they have with sellers.

  3. #3
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    Sep 2005
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    Default Re: Can a Co-Owner Unilaterally Cancel a Sale if the Other Owner Still Wants to Sell

    Absent a contractual limitation on one co-owner's rights, both co-owners must consent to sell their jointly owned property. (There may be circumstances where one co-owner can sell his share without the other co-owner's consent, but that's a different question.)

    If the terms of the sales contract are that the buyer is to take possession on June 1, and the buyer wants to amend the contract to take possession on May 1, then the co-owner can decline to agree to that change (even if she's not also occupying the property) - she can say, "I like our contract the way it is." If the buyer says, "That's not good enough, I want out of the contract," the sellers can agree to let him out - or they can seek to enforce the contract as written with the June 1 date of possession.

    From what you've told us, the problematic co-owner is not seeking to get out of the contract - she wants the contract to be enforced as written, but is willing to release the buyer if he cannot accommodate the contractually agreed date. Did you leave something out?

  4. #4
    Join Date
    Apr 2013
    Posts
    3

    Default Re: Can a Co-Owner Unilaterally Cancel a Sale if the Other Owner Still Wants to Sell

    The buyer wants to stay with the June 1st agreed date.The OTHER co-owner is the problem.She does not want to sell now.Or she has offered to buy us out,$10.000 below the agreed sale price with the buyer.If he(the buyer) does not agree to her new terms.
    She has also come up with another GREAT idea in her favor.She now wants the buyer to give her 6 more months to find a place to live.With the first month she stays there rent FREE,then the next 2 months she will pay the new owner (the buyer)$300 a month.Then the final 3 months she will pay the market price of $650 a month.The buyer has gone above and beyond what I think he had to.By pushing back settlement to begin with for 3 months allowing her time to find a place to live.This lady is crazy and I believe is setting us up for a breach of contract law suit.My wife and I just want to sell the property and be done with it.But she is making it VERY hard on everyone involved.We are stuck in the middle since,we can't just sell our half.The worst part is we never asked to be partners with her this was left to my wife from her fathers will.

    So yes she wants out of the

    contract now,unless he agrees to her NEW terms.

  5. #5
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    Default Re: Can a Co-Owner Unilaterally Cancel a Sale if the Other Owner Still Wants to Sell

    If there is a binding contract, there is a binding contract and nobody can unilaterally impose material changes to the contract's terms. Regretting the terms to which you previously agreed is not a basis to revise the bargain you struck.

  6. #6
    Join Date
    Apr 2013
    Posts
    3

    Default Re: Can a Co-Owner Unilaterally Cancel a Sale if the Other Owner Still Wants to Sell

    Thank you for you help, it looks like we are stuck with what our co-owner wants to do.

  7. #7
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    Sep 2005
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    Default Re: Can a Co-Owner Unilaterally Cancel a Sale if the Other Owner Still Wants to Sell

    So you're the co-owner who wants to back out of the contract? You seem to be working overtime to make your narrative difficult to follow.

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