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Real Estate Purchase Agreement
California
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Real Estate Purchase Agreement
Connecticut
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.
Always. The purchase price is an offer. You can always make a counter-offer.
Real Estate Purchase Agreement
Florida
Deed
I am on a deed with my brother. He took a loan out on the home and fallen behind on payments. What can I do to protect my half of the deed and keep from losing our home.
Jason Q.
A joint owner of real estate can generally encumber the property, such as by mortgaging their interest, without permission of the other joint owner. If your brother falls behind on payments, the lender could foreclose on his interest in the property. They could then probably force a sale of the property in an action for partition. To prevent this, one option would be to pay off or assume the loan and buy out your brother's interest in the real estate. Since he is behind on his loan, you could probably drive a pretty hard bargain. If you do nothing, the lender could eventually take your brother's interest in the property and force a sale.