Question about Purchase & Sales Agreement (law people plz read)

[ajpa123]

...................BEWARE! long and boring post ..............................

I wonder if any of you have experience in this area and could help me.

I am interested in buying some Commercial real estate and the SELLER wants to sell to me because the existing BUYER is bad news and is trying to drive the price down.

The original BUYER offered an amount of money and the SELLER accepted, and a P&S was drawn up on September 3rd and that date appears on the P&S.
HOWEVER, in the Closing paragraph that explains when and how the Closing will take place, they craftily ommited the date: it reads...

'The closing and the transfer of title to and the possesion of the assetts hereinbefore set forth shall take place on __________, 2003'

So, myself and the SELLER are stuck, because the original BUYER has this piece of paper that is a binding contract which they both signed. She has to sell to this Crafty BUYER 🙁

I don't think I can attempt to make an offer while this contract is in existance. Is there anything that the SELLER and I can do ? (She has to sell by next week for a reason i cannot explain on here)

I learned that this BUYER has done stuff like this before and gets people in desperate positions and toys with them and makes them lower the price over time.

There's no hope right?

My lawyer is looking into it, but i just wanted to see if anyone went through anything like this

 

[Yossarian]

I don't see how a contract can be binding without such a crucial piece of information as the closing date. You can't just sign something like that and imagine it says "infinity" in the blank.

 

[ajpa123]

Originally posted by: PipBoy
I don't see how a contract can be binding without such a crucial piece of information as the closing date. You can't just sign something like that and imagine it says "infinity" in the blank.

I hope you're right!
Then again, i think a contract is good for one year from the date it is signed.. not sure though
🙂

 

[bleeb]

I believe that the stipulations of the contract cannot supercede the common law and statues for your state and the country unless it explicitly say so. But then again, I'm no lawyer so don't take my word.

 

[Mill]

You should consult a Real Estate lawyer and not a General Practice lawyer.

 

[dabuddha]

Don't worry, luvly the super model, lawyer, mother, daughter, brother, etc will be here soon to save the day!

But personally I don't think that contract would be legally binding but I'm a programmer, not a lawyer 🙂