Legal Question in Real Estate Law in Georgia

Terminate purchase/sale contract - Help!

1. We signed, a contract to purchase three properties on March 5 for closing on March 31.

2. We used the lender, which was recommended by the agent.

3. Lender could not get loan approval from the underwriter due to the bad properties condition. Also, insurance was denied due to the poor condition as well.

4. Our agent started to work directly (without our approval) with the lender. We requested our agent not to deal with the lender without our permission. Informed lender to hold off all the paper until the home repair was completed.

5. 30 days passed the tentative closing date; seller only did some minor fixes with no improvement. On May 9, we requested termination of contact. We also informed all parties by certified mail that our agent do not represent us anymore.

6. Listing agent informed our agent�s broker (May 16 2pm) that the seller would terminate the contract on two properties that did not get approval by the underwriter. On May 16 7pm, listing agent�s broker told us the same lender approved the loan on Apr 30.

7. Our agent has been working with our lender behind our back by re-submitting the loan application and re-locking the interest rate without our approval.

Any suggestions? Thanks!


Asked on 5/17/03, 3:04 am

1 Answer from Attorneys
Charles W. Field Charles W. Field, Attorney at Law

Re: Terminate purchase/sale contract - Help!

Your situation is too complex to address in this type of forum. You should seek a consultation with a local attorney because all the documentation needs to be reviewed.

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Answered on 5/17/03, 3:00 pm


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