Wholesaling
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 12 years ago, 05/15/2012
Problem with Purchase Agreement that was Assigned
So I'm interested to get some feedback and guidance on an delicate issue I have right now. I put a property under contract and it so happened to be one that was vacant for 3 yrs and the sellers were still moving personal items out of the house but would ultimately be leaving most of their debris/rubbish come closing. I have in my purchase agreement as part of my inspection clause, "Unless specifically excluded in this agreement, all other items of personal property located in or on the property shall be included in the sale. This clause shall survive closing of title".
Well, I've since assigned my contract (got 1k deposit to my company, 2k deposit to title company escrow, and getting another 9k @ closing) and the new buyer is expecting to keep all the items in the house, when I had a previous understanding with the seller that we would just remove anything they left post closing.
What I'm asking is does the new buyer actually have rights to the items the Seller hasn't yet removed? How do I work around this to make sure the Sellers do not lose rights to it but also prevent a legal issue with the Buyer. Do I have legal liability in this situation? Your thoughts and feedback would be much appreciated.