Legal Question in Real Estate Law in Arizona
Option to Purchase
We, the sellers, and a buyer signed an Option to Purchase which said that it is
irrevocable on the part of the sellers but not on the buyer. The sale has been
delayed by almost two years and during that time our situation has changed and
we no longer need nor want to sell. We suggested alternatives to the buyer
which were not agreed to. We have been told by attorneys and real estate
professionals that the offered price was way under market value and now the
property has doubled in value as well. (We were not aware of the market
conditions as we live in another state.) The contract still has several months
until it expires. Is there anything we can do now to legally get out of this, or is
this a case of ''Seller Beware''?
3 Answers from Attorneys
Re: Option to Purchase
If seasoned attorneys have reviewed the contracts and given an opinion, it would be irresponsible for me to second guess their opinion without even seeing the contracts.
Good luck,
James D. Jenkins
Re: Option to Purchase
Your question is impossible to answer without a thorough review of your specific option to purchase. You need to contact an attorney in the state where the property is located and have that attorney review your agreement. Only then can someone determine whether you have grounds to get out of that agreement.
Re: Option to Purchase
It is impossible to answer your question without seeing the agreement and the terms of the option. Also, what was the consideration paid to you for the option. Did you give the "buyer" 2 years or 3 years to buy the property? You should immediately consult with a real estate attorney and find out your rights, duties and obligations.
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