Reference no: EM133245934

Your client, Maggie, agrees to buy Gina's home for $250,000, with the contract providing, "seller will convey the property in fee simple buy a warranty deed." Prior to signing the contract Maggie was concerned about the possibility of the neighborhood turning from owner occupied housing to rental housing. Maggie determined that the current zoning is for single family residential use, but this does not preclude long term rentals to a single family, and might not be interpreted to preclude short term or vacation rentals. Gina and Maggie discuss this issue several times, and not closing junior tenders a special warranty deed conveying the property to Maggie in fee simple sewing as a property is never used for the rental. Gina figures that the language of the deeds should satisfy maggie's concerns. Maggie is concerned about the deed and it also is upset because home prices in the community have fallen during the contract executory. She believes gina's home is now worth $240,000 at the most. During the closing, Maggie turns to you and asked if she can avoid closing. What's your advice?