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Message
Real Estate Contract Interpretation
Posted on 2/23/15 at 8:34 am
Posted on 2/23/15 at 8:34 am
We have signed a contract for a lot in a subdivision. Since, we have been told there will be a detention pond put in the back corner of the lot (subdivision not quite finished).
Long story short, we no longer want the property and are trying to get our earnest money back. Contingencies in the contract that could help us are 1) land must appraise for contracted price 2) seller (developer) must submit a final Ristrictions and Covenants to buyer for review and approval.
Does "...for review and approval" mean that if we don't approve, then we have a way out of the contract? We are talking with our agent but I would like to get others opinions.
Long story short, we no longer want the property and are trying to get our earnest money back. Contingencies in the contract that could help us are 1) land must appraise for contracted price 2) seller (developer) must submit a final Ristrictions and Covenants to buyer for review and approval.
Does "...for review and approval" mean that if we don't approve, then we have a way out of the contract? We are talking with our agent but I would like to get others opinions.
1
Posted on 2/23/15 at 9:28 am to Sigma
quote:
We are talking with our agent but I would like to get others opinions.
then what good is your agent?
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