Purchase Agreements - Legal Contracts?
By Darryl Glade, New Orleans Real Estate
(RE/MAX N.O. Properties)
You’ll have to excuse me from the start… this may be a bit of rant! Does the general public understand that a real estate purchase agreement is a legal contract? It seems as if most people do not understand that when they fill out a purchase agreement that they have entered into a legal contract. Here is the story…I had a closing scheduled for this past Friday and I represented the seller. The buyer was a no show. Obviously, we did not close and my client was not very happy! Some more background info: 2 weeks earlier the buyer signed a property inspection release form and asked for early occupancy. So not only did the buyer state that the property was in acceptable condition, but he wanted to move in early. My client choose not to allow the buyer early occupancy. Then, 48 hours be...
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