Updated about 15 years ago on . Most recent reply
Seller's attorney wants to change contract terms
I'm working on wholesaling this property, where I put down my LLC "and assigns" as the buyer. Seller and I both signed and the contract was forwarded to her attorney. The seller's attorney wrote back changing some languaages in the contract, but specifically indicated that the contract will NOT be assigned and that my LLC must close on the property.
Would this constitute a counter-offer? I can't accept the changes if I can't assign the contract--it wouldn't be wholesaling right? If I refuse to accept does this mean I have to get the seller to sign a new contract or can I proceed with the original contract as long as the seller is willing? Or should I just walk away from the deal?
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IMO, you have a contract. You said it was signed and then sent to her attorney. Unless your contrcat has a contingency for acceptance by her attorney, the seller should not have signed it until after the attorney reviewed. The seller wants a Mulligan, IMO. Any do over is up to you, and hope you held on to the original and gave her a copy or a duplicate original!
Otherwise, they will likely attack the validity of the agreement. If that was my deal and I made it properly, I'd tell the attorney the deal has been struck and that the contract was FYI. And, you could always negoiate the deal again in the presence of the attorney. Really, they should not care, IMO. Good luck.