Auto purchase agreement on trade in payoff.

A contract "purchaser" has definite rights under its contract to purchase the property. The contract is binding on both parties. Every contract is different...and some do contain provisions entitling either part to terminate the contract on the occurrence of certain events or prior to the expiration of certain time period,,,,but it would be unusual for a contract to entitle a Seller to terminate in the absence of Purchaser's breach or the occurrence of a specified event. Assuming your contract (i) does not entitle your seller to simply walk away from his obligations under the contract simply because he no longer wants to sell to you (in this case, because he received a higher offer), and (ii) does not prohibit the commencement by you of a "specific enforcement" action to force your Seller to transfer title to you in compliance with the contract enforce, then, and in such event, you are entitled to commence an immediate action to specifically enforce your rights under the contract. Further, concurrently with the commencement of such action, you are also entitled to immediately file a "lis pendens" against the property pending the outcome of your action. A lis pendens is a notice to the world (filed against the property) that you have commenced an action to enforce your contract....and anyone acquiring title to the property after the filing of the lis pendens does so subject to your superior right to title acquire title. The filing of a lis pendens is a very powerful tool and effectively tells all other prospective buyers of the property that they would be doing so at their own risk.

I often go to my clients if they are in Houston or the surrounding areas.

Hello! Just to be clear, I am not licensed to practice in Texas, but I am a licensed attorney in Oklahoma. I have seen this question be unanswered for a while, so I thought I'd respond. Typically, once the parties have both agreed (by writing and signing) terms of a contract, including a maturity date for payment, the maturity date can only be changed by all parties in another signed writing. That means that one party (such as the owner finance seller) should not be able to change the payment terms of an agreement without your express approval. Hope that helps!

The critical terms for an MSA will vary widely depending on your industry and the nature of the transaction. Generally speaking, MSAs should include terms addressing: term, termination, structure of the transaction (i.e., are multiple SOWs contemplated), intellectual property ownership, limitations on liability, indemnification, warranties, timing and payment terms, and confidentiality. Those are what I would call the material terms that are critical to setting the expectations of the parties, protecting your interests, and most likely to come up in the event of a dispute. There are myriad other issues that are slightly less important but still need to be addressed, including everything from dispute resolution to assignment to independent contractor status. Depending on your industry, you may need highly detailed sections on data protection and service levels, or not need any language on those issues whatsoever. I highly recommend you consult with an attorney who has experience in drafting MSAs and can prepare a template for you to use for this transaction and all similar deals moving forward. Please note this is not legal advice and this message does not create an attorney-client relationship; I do, however, have extensive experience in commercial contracts and would be happy to assist.

Great question. First, you want to read your contract very carefully to see if the actions are in fact a violation of its terms, sometimes there can be flexibility in the provisions with regard to timelines and so forth. If there is in fact a breach, make sure you keep accurate documentation of the violations. Often times, a well written letter to the other party listing their obligations under the contract and how they have breached those violations is enough to get them to change their behavior. If not, you have the option to ask the court to enforce the agreement or require the breaching party to compensate you for any damages.