QUESTION
How does a person get out of a letter of intent to sell a property when the homeowner changes their mind?
Asked on Mar 21st, 2012 on Real Estate - Nebraska
More details to this question:
My mother signed a letter of intent to sell her house to another person. Now she doesn''t want to sell but is afraid that lawyers will need to be involved because she signed a letter of intent to sell. I haven''t seen the paperwork so I''m not sure what it actually says but in general what would she need to do to get out of this and get back in her home?
1 ANSWER
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A letter of intent ordinarily states that neither party is legally bound, and that there is no liability for either party to back away from the deal. Like you, I would need to see the document to see whether the document is truly a letter of intent or whether it somehow creates liability. I recommend that she take her copy of the document to a good real estate attorney in her area and ask him to guide her into a rescinding of the letter. If there is personal liability, she needs to know that. The longer it goes without resolution, the more likely the other party may claim some liability for allowing him/her spend money and time with investigation, etc.
Answered on Apr 10th, 2012 at 5:00 PM