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I am in the process of purchasing a business and have been presented with a purchase agreement by the seller. The agreement includes a clause that seems to imply that the agreement can be renewed. I am curious to know if this is a common practice, and if so, what are the implications for me as the buyer?
Answered Mar 3, 2021
I'm not 100% sure what you are asking, but in negotiatons of purchases of businesses, business real estate, and personal real estate, it's not unusual to sign amendments extending the date by which an agreement must be made, or by which closing will occur. There can be many, many reasons for this, but generally, at least in my experience, both parties must agree in writing to any extensions of any sort of dates or deadlines. Here are two very common reasons a purchase and sale agreement may need to be extended: (1) Obtaining financing or (2) Obtaining an inspection I hope that helps! Best wishes, Merry
Are there cancellation fees in purchase agreements?
I am currently in the process of purchasing a home and I have been presented with a purchase agreement. I was wondering if there are any cancellation fees included in the agreement, as I would like to make sure that I am aware of all the terms and potential costs associated with this purchase. I want to make sure that I am fully informed before I make a final decision.
Answered Mar 3, 2021
I understand you are entering into a Purchase Agreement and want to know whether there are any cancellation fees.
First, you would read the agreement to see if there is any mention of termination/cancellation fees such as the loss of the down payment if the buyer attempt to terminate the contract.
But, generally, the agreement is binding contract. So, if a buyer attempts to cancel the contract, it could be considered a breach of contract. In that situation, the seller can claim damages, which usually results in a loss of the down payment but also could lead to other monetary claims or a claim to attempt to force the buyer to fulfill the purchase (general called a specific performance claim).
Separately, in most cases, if the buyer's ability to purchase the property is dependent on getting a secured loan, usually there would be no cancellation or damage claim and the buyer would have the right to the return of the downpayment (this should be outlined in the contract and is usually referred to as a contingency clause).
I hope that helps.