Resale contract ?, almost to day 60 and now getting request to sign an addendum…

[ArmyChaplain Matt]

looks like they are wanting me to sign an addendum for adding an owner to the original sales contract. It’s been almost 60 days now and of course prices are better but i don’t want to lose deposit and i don’t want to wait another month or so. do i have to sign? or can i use this addendum as a way out?

 

[CarolMN]

IANAL. If the close date in your contract has passed, it's my understanding that you can cancel the sale and get your deposit back. I will be interested to see what others {who are more experienced in the resale market) have to say.

 

[KAT4DISNEY]

You will need to carefully read your contract and I'd suggest talking with your broker too. As CarolMN mentioned in most contracts if you are post the date of closing then your deposit is refundable but it will depend on what the contract says. Unfortunately they can make those close by dates pretty lengthy now. At 60 days I'm not certain you'll have hit that mark but hopefully! As a seller I backed out of one contract that the buyers extended closing for various reasons. The went past the 1st close by date and then asked for an extension which I agreed to. By the 2nd missed date and requested extension I lost confidence. In my case no commission was owed.

 

[ArmyChaplain Matt]

65 days is the close date, and that’s in 8 days. if i hold off signing, and it obviously can’t close without me signing, then i wonder what their recourse is.

 

[AnnaKristoff2013]

65 days is the close date, and that’s in 8 days. if i hold off signing, and it obviously can’t close without me signing, then i wonder what their recourse is.

I’d be very careful. If the default is your fault you could conceivably forfeit your deposit.

 

[ArmyChaplain Matt]

I’d be very careful. If the default is your fault you could conceivably forfeit your deposit.

i’ll look over contract i don’t see anything about addendums

 

[Sandisw]

i’ll look over contract i don’t see anything about addendums

It sounds like the contract was not made with all owners and now they want the addendum signed because they can’t close it until they have an official document that has all owners signatures.

Unfortunately I think if you fail to sign the addendum to delay it beyond closing, then you may be on the hook for the deposit.

Since you are 8 days away, even if you sign this, new contracts have to be then signed by all the owners..assuming that is what this is..which means going to a notary. It’s possible that they miss it anyway and then you can cancel out if you want.

 

[brinkley07]

Who requested to add another owner?

 

[ArmyChaplain Matt]

Who requested to add another owner?

i got an addendum from the resale
broker requesting me to sign ASAP and looks like names were added or name change/updated

 

[brinkley07]

I guess I'm confused, are you the buyer or seller? I was originally thinking you're the buyer, but if the seller needed to add names to the document that could pose a ROFR or title issue. All owners should have been signing from the start on the sellers side.

 

[sndral]

65 days is the close date, and that’s in 8 days. if i hold off signing, and it obviously can’t close without me signing, then i wonder what their recourse is.

If the addendum simply corrects an earlier mistake - such as an owners name being incorrectly listed in the original documents - and you cause the contract to not close by ‘holding off’ on signing, then I’d assume you’d lose your deposit since you were the cause of the failure to close on time assuming the seller’s documents arrive on time.

 

[ArmyChaplain Matt]

I guess I'm confused, are you the buyer or seller? I was originally thinking you're the buyer, but if the seller needed to add names to the document that could pose a ROFR or title issue. All owners should have been signing from the start on the sellers side.

i am the buyer. i haven’t heard anything since we signed the contract in 1/24 and now i got email with an addendum adding names or correcting names, that’s all the addendum states. i don’t want to wait another possible 30 days for ROFR (i know things passing much quicker now) but they’ve been holding $1000 of my money for 2 months with no movement. this is aggravating and i am just hoping to walk away with my deposit back and start over.

 

[ocdb8r1]

i am the buyer. i haven’t heard anything since we signed the contract in 1/24 and now i got email with an addendum adding names or correcting names, that’s all the addendum states. i don’t want to wait another possible 30 days for ROFR (i know things passing much quicker now) but they’ve been holding $1000 of my money for 2 months with no movement. this is aggravating and i am just hoping to walk away with my deposit back and start over.

I would simply tell them precisely that. Follow with a message to the escrow/title company saying that you now understand the original contract was not signed by all owners and as such you request the return of your deposit. The worst they can say is "no" at which point you can then decide if you try to fight it, or accept and sign the addendum.

 

[Matty B13]

Seems weird that all the owners didn't know that the contract was being sold, and both the Broker & the Title Company didn't know that there were more owners????? Unless it was a Trust of some kind.

 

[Best Aunt]

i am the buyer. i haven’t heard anything since we signed the contract in 1/24 and now i got email with an addendum adding names or correcting names, that’s all the addendum states. i don’t want to wait another possible 30 days for ROFR (i know things passing much quicker now) but they’ve been holding $1000 of my money for 2 months with no movement. this is aggravating and i am just hoping to walk away with my deposit back and start over.

I have a bet with myself. Are you using Fidelity? When people mention a problem, it seems like it's usually them.

 

[ArmyChaplain Matt]

I have a bet with myself. Are you using Fidelity? When people mention a problem, it seems like it's usually them.

yes but this would be my 5th resale contract with them and first time with a problem, even with 2 international sellers as well no issues.

 

[brinkley07]

i am the buyer. i haven’t heard anything since we signed the contract in 1/24 and now i got email with an addendum adding names or correcting names, that’s all the addendum states. i don’t want to wait another possible 30 days for ROFR (i know things passing much quicker now) but they’ve been holding $1000 of my money for 2 months with no movement. this is aggravating and i am just hoping to walk away with my deposit back and start over.

I'm assuming this is in ROFR now and Disney has come back requiring the further changes. They won't send a contract to the board for decision that isn't correctly executed. We just closed on a contract with a similar issue. My advice would be to call or email your broker ASAP and ask why they are requesting the change. From there you can decide to leave or stay in the contract. As I told my company with our sellers issue, this is a contract and documentation issue on their part, not a ROFR issue. We had the opportunity to walk without penalty, but it was a fully loaded contract from '21 on.