Back-Up Offers

Back-Up Offers: There’s a Clause for That #519

Roughly twice a year my heart stops when a claim comes to my attention. Why? Because a licensee reports that the seller has sold the property twice! Naturally, the seller is upset. They only have one property to sell and two buyers demanding it.  In these instances, the seller typically accepts an offer for the

Limits Changes of First Offer #200

Legally Speaking

By Gerry NeelyB.A., LL.B. A vendor, who accepted a conditional offer to purchase and then accepts a backup offer, limits his right to renegotiate the terms of the first contract. The first contract was with an individual purchaser from whom the vendor agreed to take back a mortgage for part of the sale price. The

Back-Up Offers #89

Legally Speaking

By Gerry NeelyB.A. LL.B. A vendor’s decision to take a back-up offer can be risky to the vendor’s financial health, as will be apparent from your review of the following facts. An agent brought to an owner on November 8, 1983, an offer to purchase the owner’s property for 54,550,000.00, calling for a deposit of