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Draft Real Estate Purchase Agreement in Utah for Business

How much does it cost to draft a Real Estate Purchase Agreement in Utah? Below are summary details about a user that needed to draft a Real Estate Purchase Agreement in Utah for Business. This cost data comes directly from ContractsCounsel's online marketplace. The user received 2 bids to draft the Real Estate Purchase Agreement at a pricing range of $850 - $1,100 on a flat fee. The data includes project specifications and Real Estate Purchase Agreement pricing. To review more pricing data, visit Real Estate Purchase Agreement pricing.
Service type
Draft
Location
Utah
Client type
Business
Client industry
Business
Deadline
Less than a week
Pricing Range
$850 - $1,100 (Flat fee)
Number of Bids
2 bids

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Forum Questions About Real Estate Purchase Agreement

Real Estate Purchase Agreement

New York

Asked on Mar 3, 2021

Can a seller back out of a Real Estate Purchase Agreement after signing it?

I am in the process of purchasing a property and have signed a Real Estate Purchase Agreement with the seller. However, the seller has recently expressed hesitation and is considering backing out of the deal. I have already invested time and money in inspections and due diligence, and I am concerned about the legal implications of the seller reneging on the agreement. Can a seller legally back out of a Real Estate Purchase Agreement after signing it, and what are my rights and options in this situation?

Melissa T.

Answered Mar 3, 2021

In short, yes, a seller can back out of a Purchase and Sale Agreement after signing it. However, a seller can only do this under certain circumstances. These conditions differ whether it is a commercial or residential property. Generally, a seller of property will need a legitimate legal or contractual reason to withdraw from the Purchase and Sale Agreement. Regarding residential properties, during the attorney review period (commonly three days), the seller is able to back out of the agreement without consequences. Additionally, a seller may cancel a home sale without breaching of the contract or incurring legal penalties in the instances of there being in the Purchase and Sale Agreement (i) a home sale contingency (if they cannot find a suitable new home); (ii) an appraisal contingency (if the appraisal comes in lower than expected and the buyer is unwilling to lower the price and the seller will not make up the difference in cash, the contract could be void); (iii) home inspection contingency (if the seller is unwilling to issue credits or make repairs, the seller could end negotiations and the home sale); and (iv) a clause about breach of contract by the buyer that has continued beyond the specific time period in the contract, such as a missing deposit or buyer not securing a mortgage). Moreover, the buyer could enter into a separate agreement with the seller to let them cancel the contract without any liability. For commercial properties, a seller may cancel a Purchase and Sale Agreement also for specific reasons. These include the buyer not funding the purchase price (after the deducting the prorations and adding in of credits as outlined in the Purchase and Sale Agreement), inaccuracy(ies) of the buyer’s representations and warranties, buyer not signing and delivering of the closing documents. In addition, the seller could cancel the contract without a legal penalty if the buyer is unable to obtain financing or assumption of the mortgage, the buyer and seller cannot agree on a price reduction with the buyer after an appraisal or an issue revealed during the due diligence period, and the buyer has breached the contract and it is continuing past the time allotted to cure the default. If a seller of a commercial or residential property withdraws after signing a Purchase and Sale Agreement for a personal reasons then they could face legal and financial consequences. A seller could face a lawsuit from the buyer to make the seller perform (this remedy is called specific performance). A buyer could also sue a seller for the damages of incurring unreasonable and unexpected expenses due to the seller backing out of the purchase and sale agreement, such as storage costs, temporary housing costs, lost deposits, and legal fees. If remedies are not permitted under the Purchase and Sale Agreement, the buyer may be able to collect from the seller liquidated damages (the amount stated in the Purchase and Sale Agreement). The seller may also face a lawsuit from the real estate agent or broker for not being able to collect the commission under their agreement. Like with anything, you should have an attorney review the Purchase and Sale Agreement to know for sure what rights the seller has to cancel a contract after signing.

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Real Estate Purchase Agreement

Connecticut

Asked on Mar 3, 2021

Can the purchase price be negotiated and, if so, how?

I am interested in purchasing a piece of property, and am curious if the purchase price can be negotiated. The seller has listed the property for a price which is slightly above what I am willing to pay, and I would like to know if it is possible to negotiate the price lower. I have had experience in negotiating prices in the past, but am uncertain of the legalities involved in this particular situation.

Thomas L.

Answered Mar 3, 2021

Always. The purchase price is an offer. You can always make a counter-offer.

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