Return to the Buying and Selling Homes Forum | Post a Follow-Up

 o
A Successful Closing

Posted by eal51 (My Page) on
Thu, Jun 11, 09 at 20:48

Despite all the negative leaning news in real estate, the son and daughter-in-law will close on their first house tommorrow!!!!!

A couple of last minute items came up today but were cleared up and they're good to go!!!

Enjoy the journey.
eal51 in western CT


Follow-Up Postings:

 o
RE: A Successful Closing

My friend just received disturbing news on his sister's business building that she sold years ago. The buyer of the building some 4 years ago received a large inheritance and used part of the money ($400,000) to make the purchase. To make a long story short, the business failed and the buyer having financial difficulties sued the original seller stating that the building (In Flemington, NJ) was not worth the $400k. The Judge during arbitration adjusted the principal value of the contract forcing the original seller to return $200,000 of the $400,000. The original seller has now filed for bankruptcy.

My Question: Is contract law pertaining to commercial and residential now all meaningless with these new bankruptcy laws? Is a "successful" closing really a potential ticking time bomb if the buyer later files for bankruptcy?


 o Post a Follow-Up

Please Note: Only registered members are able to post messages to this forum.

    If you are a member, please log in.

    If you aren't yet a member, join now!


Return to the Buying and Selling Homes Forum

Information about Posting

  • You must be logged in to post a message. Once you are logged in, a posting window will appear at the bottom of the messages. If you are not a member, please register for an account.
  • Please review our Rules of Play before posting.
  • Posting is a two-step process. Once you have composed your message, you will be taken to the preview page. You will then have a chance to review your post, make changes and upload photos.
  • After posting your message, you may need to refresh the forum page in order to see it.
  • Before posting copyrighted material, please read about Copyright and Fair Use.
  • We have a strict no-advertising policy!
  • If you would like to practice posting or uploading photos, please visit our Test forum.
  • If you need assistance, please Contact Us and we will be happy to help.


Learn more about in-text links on this page here