What important details should the addendum have

Assignment Help Other Subject

Reference no: EM133797081

Assignment: Breach of Real Estate Contracts

For this assignment, review the following scenario & then answer the corresponding questions:

Scenario:

Seller Sam lives in NY and listed his house for sale for $600,000. A written offer has been presented by the Buyer Bob for $550,000, contingent on an inspection within seven business days by the Buyer's inspector. Sam desiring to sell quickly, accepts the offer by signing it and returning it to the Buyer's agent.

The inspection occurs on day 5 and the Buyer's inspector finds a multitude of problems with the home. Bob sends Sam an email revoking his original offer with a new offer for a reduced price of $525,000. Sam disagrees with the costs to repair the issues and instead emails a counter-offer to Bob that the price remain at $550,000, but he will personally repair all of the issues in need of repair. These include:

• Clean mildew off siding of the house
• Replace a broken window
• Fix broken stairs on the deck
• Fix garage door that will not open
• Fix holes in interior walls
• Replace broken dishwasher
• Fix broken gas fireplace
• Fix leaking roof
• Replace plumbing under master bathroom sink that is leaking
• Remove and replace all caulk around tub

Bob agrees to the counteroffer by email and begins preparing an addendum to the contract for all parties to sign, as the original contract is now in place for $550,000, as it was previously signed. However, before Bob can finish drafting the addendum with the repairs to be performed by Sam, a new prospective buyer, Charlie, contacts Sam and offers $560,000, not contingent on an inspection or any repairs. Sam immediately accepts this new offer and emails Bob that he has accepted someone else's offer and the deal is off.

Task

A. Does Bob have a valid claim to sue Sam?

B. If Bob has a valid claim, what are Bob's remedies?

C. Does Sam have any defenses?

D. If the court forces Sam to sell to Bob, what important details should the addendum have on it regarding the repairs? Is there any additional information we need to draft an addendum?

Reference no: EM133797081

Questions Cloud

Will your title insurance policy defend against this claim : Will your title insurance policy defend against this claim on your behalf? Why or why not? Be sure to note any sections of the policy upon which you rely.

Evaluate how or why the business made such a mistake : Include an example of a business that has suffered from poorly forecasting the demand of its products. Evaluate how or why the business made such a mistake.

Demonstrating skills in critical leadership : Address the immediate needs of highly dependent stakeholders. Your advice must be based on a thorough analysis of various leadership style/s and relevant

What do the tea shops aim to offer to their customers : What do the tea shops aim to offer to their customers? And what effects can we expect them to have on the city's cultural structure in three years?

What important details should the addendum have : LSTD 202- what important details should the addendum have on it regarding the repairs? Is there any additional information we need to draft an addendum?

What are organization development transformation and change : What Are Organization Development, Transformation, and Change? Who should be involved in an organization change effort, and how should they be involved?

What is your companys cost of debt : FINA 6305- What is your company's cost of debt? What is your company's cost of equity? What is your company's weighted average cost of capital?

Describe a negative trend in criminal justice : Describe a negative trend in criminal justice that you identified in your selected population group. Explain the factors causing the trend according to current

How might individual react if placed in solitary confinement : How might an individual react if placed in solitary confinement? How might placement in solitary confinement affect the rehabilitation process?

User Account

All Pages