Home Q&A Forum What happens if a purchase agreement expires?

Real Property

Purchase Agreement

California

Asked on Oct 31, 2023

What happens if a purchase agreement expires?

I recently entered into a purchase agreement for a property with a seller. The agreement had a specific timeline for when the purchase needs to be completed, but that timeline is quickly approaching and the purchase has not yet been completed. I am unsure of what happens if the purchase agreement expires and I would like to get more information from a lawyer on the potential implications of the agreement expiring.

Answers from 1 Lawyer

Answer

Real Property

California

Answered 902 days ago

As long as you have an accepted offer the contract is valid and enforceable, regardless of the purchase agreement date; However, if there is a termination clause in the agreement or any language that might trigger termination after expiration, then the contract might be invalid. You need a lawyer to thoroughly review the contract.

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seller is a divorced man whose ex lives across street. She turned him in for not permitting a deck. Court applied restraining orders on both. seller had plans drawn and submitted but pandemic hit, He is in financial crisis and has a buyer for home whose bank has agreed to lend . seller has paid all violation fees but county is slow in helping him. he is evacuated from Caldor fire with his other home. Seller needs to due a subordination and let sale happen while county reviews his plans and inspects. Is there anything else he can do? California ..e

code violation paid in full but County is not open and working from home. have not been able to handle this issue in timely manner has been 2 1/2 yrs since first submitted drawings . he is not permitted to go in the area due to a nasty divorce and wife living across street..he also is diabetic and has been hospitalized and needs medicine not covered by insurance

View Donya G.

4.9 (61)

Donya G.

Answered Sep 24, 2021

You will need an attorney to advise you, as such, you will need to post your project on the website Here are the steps you need to take to accomplish this 1. Post the job you need to get accomplished – for example “ I am looking for a California attorney to assist me in the sale of my property and to help me get the county to approve the sale -------------“ 2. Once posted, attorneys on the website that are interested and qualified will respond to your posting 3. Choose an attorney/s based upon their qualifications and cover letter to have a quick call so that you can decide who you would like to hire. 4. After talking with attorneys, choose who you will decide to proceed with. Remember to discuss the cost of the project as well as how long it will take to be completed as well as when payments will be made. 5. Once you have decided who to hire, click “HIRE” and that attorney will now be hired by you. Donya Gordon, Esq.

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Business

Purchase Agreement

California

Asked on Oct 4, 2022

When asset purchase agreement vs. stock purchase agreement?

I am considering buying a business and I'm not sure what type of legal document I should use. I think I want to buy the business but I'm not sure what comes with that. The deal size is ~$100k and it is a printing company.

View Christopher M.

4.9 (8)

Christopher M.

Answered Oct 7, 2022

A stock purchase agreement only deals with the sale of stocks (which I know sounds a little obvious). The practical effect of which is you would own a percentage share of the company if that company is a corporation. If you used a stock purchase agreement the company would remain intact as a legal entity that you would have control over. If the company isn’t a corporation, or you’re not looking to keep the company intact, an asset purchase agreement would be you purchasing the assets of the company (up to and including the name and place of business) without necessarily taking control of the legal entity itself. Really which ever one you use they can both be drafted to accomplish your goals and more information would be needed to assess which one is right in your specific situation.

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Business Contracts

Purchase Agreement

California

Asked on Oct 30, 2023

What are common clauses in purchase agreements?

I am in the process of purchasing a business, and I am looking for more information on the common clauses in a purchase agreement. I need to understand what is typically included in a purchase agreement so that I can make sure all the necessary terms are included in the document. Additionally, I want to make sure that I am not missing out on any important provisions or language that could be beneficial to me.

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5.0 (17)

Sarah S.

Answered Nov 14, 2023

The purchase agreement includes essential clauses such as the identification of parties, a detailed description of the property or assets, the specified purchase price, payment terms, closing date, representations and warranties, indemnification provisions, details regarding default and remedies, confidentiality agreements, and termination conditions.

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Real Estate

Purchase Agreement

California

Asked on Oct 21, 2024

Can a seller back out of a purchase agreement after accepting an offer?

I recently entered into a purchase agreement to buy a house, and the seller accepted my offer. However, just a few days later, the seller informed me that they have changed their mind and no longer want to sell the property. I have already made arrangements for financing and I am concerned about my rights as a buyer. Can the seller legally back out of the purchase agreement after accepting my offer?

View Dolan W.

5.0 (313)

Dolan W.

Answered Oct 29, 2024

I'm so sorry about this situation! So legally speaking, the answer is no. Under California law, a breach of contract occurs when one party fails to fulfill a legal duty the contract created and causes damages for the plaintiff. (California Civil Jury Instructions Number 303.) The measure of damages is the amount that will compensate the aggrieved party for all the detriment caused thereby or likely to result therefrom. (Cal. Civ. Code § 3300.) You may also seek specific performance of the agreement, too. You have some options you can explore: You can send them a demand for performance or some financial compensation. I have a template letter you can use here - https://www.contractscounsel.com/t/document-form-checkout/119 Otherwise, you can file a lawsuit in your local court. If you’ve already sent a bunch of letters, then the truth is this is the only way to compel them to do anything. Best of luck!

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Real Estate

Purchase Agreement

Washington

Asked on Oct 31, 2023

Can I back out of a purchase agreement?

I recently signed a purchase agreement for a house. I was unaware of some major repairs that need to be done and now I am worried that I won't be able to afford them. I am trying to figure out if there is any way I can back out of the purchase agreement and if so, what steps would I need to take.

5.0 (18)

Merry K.

Answered Nov 10, 2023

A well-written purchase offer usually includes several ways for a buyer to back out of the purchase without any penalty - for example, if the buyer doesn't like the inspector's report, one can usually back out on that basis - another typical one is failing to obtain a loan. I hope your buyer's agent wrote up the offer in a way that gave you 2 or 3 "escape clauses" - you should talk with your agent, but if there are problems, I would recommend that you have a real estate attorney review your offer and help you get out of the offer - if possible - with minimal or no cost to you.

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What happens if a purchase agreement expires?

Answers from 1 Lawyer

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