Real Estate Contract Discrepancy

Summary

Contract amendments should reflect agreed changes. The addendum must match the final sale price. Silence from the buyer doesnt imply acceptance of discrepancies. Consult a real estate lawyer for guidance.

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I recently entered a contract to sell my house. the buyer, after inspection lowered offer, which I accepted. There was an addendum to the sales contract that had me holding a first mortgage for 6 months, interest only, with a balloon payment due after 6 months. After the initial offer for sale, the offer was reduced, but the addendum, was not changed. The 1st mortgage loan reflects the original, higher offer. My realtor who drew up all the papers claims buyer is obligated to pay the loan at the stated, higher price. What is your legal opinion? The transaction is in Florida.
Hi Edward! It sounds like a complex situation. Generally, contract amendments should reflect any changes agreed upon by both parties. Here are a few points to consider:
- The addendum should be consistent with the final sale price.
- If both parties agreed to the lower price, the mortgage should reflect this.
- Review the contract terms for clarity on amendments.
Would you like to be connected to local lawyers in Florida for further assistance?
no thanks.
Alright Edward, it seems like you might need to review the contract and addendum carefully to ensure all terms match the agreed sale price. Consider discussing the discrepancies with your realtor or a legal advisor to clarify your obligations. If you have any more questions or need further assistance, feel free to ask!
thanks.
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Hi Edward, it appears you're dealing with a contractual issue involving real estate. Reviewing the contract and addendum for consistency with the agreed sale price is crucial. If you have any more questions or need further clarification, don't hesitate to reach out!
One further point, I advised the buyer of the discrepancy as soon as I discovered it. He has not responded in over a week. does this imply acceptance of the mistake?
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Hi Edward, silence from the buyer doesn't necessarily imply acceptance of the mistake. Legally, acceptance usually requires clear agreement or acknowledgment. It might be helpful to follow up with the buyer or consult with your realtor or a legal advisor to address the discrepancy. If you have any more questions, feel free to ask!
Thanks. I will contact a lawyer I work with that handles real estate matters.
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It seems like you're on the right track by reaching out to a real estate lawyer you trust. Contractual discrepancies, especially in real estate, can be complex, and having professional legal guidance is crucial. If you need further assistance or have more questions, feel free to reach out.
ok. Good day.
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Hi Edward, it seems like you're handling a detailed real estate contract issue. Since you’re already planning to contact a lawyer who specializes in real estate matters, that’s a good step. If you have further questions or need any more legal information, feel free to ask.