Anonymous
Post 05/02/2014 16:30     Subject: A question for agents and others re the legal position as it pertains to the closing date
Anonymous wrote:If I were the buyer, I would close and immediately drive to my new property with a locksmith. The OP's cousin or whatever is then free to bring their action arguing that the "best efforts" clause prevented cousin's unmoved personal property from conveying with the house that I now own.


Good plan in theory but there is an attorney involved who is advising the seller to enforce the close on schedule and then not vacate the property and they have given the buyer notice that is what they intend doing.
Anonymous
Post 05/02/2014 16:21     Subject: A question for agents and others re the legal position as it pertains to the closing date
If I were the buyer, I would close and immediately drive to my new property with a locksmith. The OP's cousin or whatever is then free to bring their action arguing that the "best efforts" clause prevented cousin's unmoved personal property from conveying with the house that I now own.
Anonymous
Post 05/02/2014 15:57     Subject: Re:A question for agents and others re the legal position as it pertains to the closing date
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
The buyers would not agree to a rent-back provision when the contract was signed. I advised the family member to put in a "best efforts" clause which is rarely used in RE contracts but which is sometimes used in commercial transactions. I am not an attorney but I have worked in M&A where this clause is occasionally used. This was a multiple bidding situation and the buyer agreed to the "best efforts" clause on the advice of their agent.



This

An agent who advises a buyer to accept such a clause should be sued.


Yup. And sellers who listen to the advice of their family member who is neither an attorney or realtor should shut their trap as well. This whole thread and situation is a joke.


Agree with the family member part but relying on the advice of most realtors/agents would be the height of folly. Have you seen the clauses within an addendum drafted by agents? They are resemble the writings of an illiterate person in many cases.
Anonymous
Post 05/02/2014 15:54     Subject: A question for agents and others re the legal position as it pertains to the closing date
I didn't understand OP's explanation of what happened. Anyone care to rephrase? I got that there's a signed contract, the relationship between buyer and seller is strained for some reason, and seller has back-up offers. But what was the best efforts clause they inserted? (Thanks for my Friday afternoon excuse not to work.)
Anonymous
Post 05/02/2014 15:49     Subject: Re:A question for agents and others re the legal position as it pertains to the closing date
Anonymous wrote:
Anonymous wrote:
The buyers would not agree to a rent-back provision when the contract was signed. I advised the family member to put in a "best efforts" clause which is rarely used in RE contracts but which is sometimes used in commercial transactions. I am not an attorney but I have worked in M&A where this clause is occasionally used. This was a multiple bidding situation and the buyer agreed to the "best efforts" clause on the advice of their agent.



This

An agent who advises a buyer to accept such a clause should be sued.


Yup. And sellers who listen to the advice of their family member who is neither an attorney or realtor should shut their trap as well. This whole thread and situation is a joke.
Anonymous
Post 05/02/2014 15:41     Subject: A question for agents and others re the legal position as it pertains to the closing date
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:The OPs family member is trying to figure out a way to void the existing contract so that a more favorable back up contract becomes the primary contract. OP has already given bad advice to her family member by using the best efforts clause. Now OP is trying to come up with a way to force the buyers to void the contract. The term is sleazy


I hope the buyers stick with it, go to closing and anything that hasn't been moved out becomes theirs.



More likely the buyers will lose their deposit if they don't close on the date in the contract.

Well, I'm not a lawyer, but in absence of ratified amendment for rent-back - seller should move out before settlement.
Anonymous
Post 05/02/2014 15:38     Subject: A question for agents and others re the legal position as it pertains to the closing date
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:The OPs family member is trying to figure out a way to void the existing contract so that a more favorable back up contract becomes the primary contract. OP has already given bad advice to her family member by using the best efforts clause. Now OP is trying to come up with a way to force the buyers to void the contract. The term is sleazy


I hope the buyers stick with it, go to closing and anything that hasn't been moved out becomes theirs.



More likely the buyers will lose their deposit if they don't close on the date in the contract.


The buyers have no plans to not close. Please keep up.
Anonymous
Post 05/02/2014 15:28     Subject: A question for agents and others re the legal position as it pertains to the closing date
Anonymous wrote:
Anonymous wrote:The OPs family member is trying to figure out a way to void the existing contract so that a more favorable back up contract becomes the primary contract. OP has already given bad advice to her family member by using the best efforts clause. Now OP is trying to come up with a way to force the buyers to void the contract. The term is sleazy


I hope the buyers stick with it, go to closing and anything that hasn't been moved out becomes theirs.



More likely the buyers will lose their deposit if they don't close on the date in the contract.
Anonymous
Post 05/02/2014 15:04     Subject: A question for agents and others re the legal position as it pertains to the closing date
Anonymous wrote:The OPs family member is trying to figure out a way to void the existing contract so that a more favorable back up contract becomes the primary contract. OP has already given bad advice to her family member by using the best efforts clause. Now OP is trying to come up with a way to force the buyers to void the contract. The term is sleazy


Why was that bad advice? If anyone gave bad advice it was the buyer's agent who told them to accept the clause.
Anonymous
Post 05/02/2014 15:00     Subject: A question for agents and others re the legal position as it pertains to the closing date
Anonymous wrote:The OPs family member is trying to figure out a way to void the existing contract so that a more favorable back up contract becomes the primary contract. OP has already given bad advice to her family member by using the best efforts clause. Now OP is trying to come up with a way to force the buyers to void the contract. The term is sleazy


I hope the buyers stick with it, go to closing and anything that hasn't been moved out becomes theirs.

Anonymous
Post 05/02/2014 14:22     Subject: Re:A question for agents and others re the legal position as it pertains to the closing date
How does a "best efforts" clause work?
Anonymous
Post 05/02/2014 14:10     Subject: A question for agents and others re the legal position as it pertains to the closing date
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:OP, why is it such a big deal that you not move your stuff out until the last possible minute. You are clearly playing some sort of game. Do you really want to deal with moving stuff out the day of closing. Get everything out the day before, and if you need to sleep there that night - keep some sleeping bags and pillows. It's not that big of a deal, but you're playing some sort of game.


Read on, PP-the game is that they have better backup offers.


I see that now. OP is being ridiculously shady.


If you were a buyer and discovered you overpaid for a house after signing the contract and there were a way of voiding the contract, would you do so?
Anonymous
Post 05/02/2014 14:02     Subject: Re:A question for agents and others re the legal position as it pertains to the closing date
"Caveat Emptor"
Anonymous
Post 05/02/2014 13:50     Subject: A question for agents and others re the legal position as it pertains to the closing date
Anonymous wrote:
Anonymous wrote:OP, why is it such a big deal that you not move your stuff out until the last possible minute. You are clearly playing some sort of game. Do you really want to deal with moving stuff out the day of closing. Get everything out the day before, and if you need to sleep there that night - keep some sleeping bags and pillows. It's not that big of a deal, but you're playing some sort of game.


Read on, PP-the game is that they have better backup offers.


Even if that is the motive, what is wrong with wanting a better price?
Anonymous
Post 05/02/2014 13:45     Subject: A question for agents and others re the legal position as it pertains to the closing date
The OPs family member is trying to figure out a way to void the existing contract so that a more favorable back up contract becomes the primary contract. OP has already given bad advice to her family member by using the best efforts clause. Now OP is trying to come up with a way to force the buyers to void the contract. The term is sleazy