Cash Buyer Changing to Financing Condition After Acceptance

by Kim
(Lenexa, Kansas)

What phrase could be used instead of "through no fault of the buyer" in connection with a lost opportunity cost agreement if buyer fails to perform on the closing date. No fault seems too broad.

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May 04, 2016
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Unilaterally Amending a Contract
by: Ross

Hey Kim:
I don't quite understand your inquiry since the context is unclear. Are you referring to a situation wherein a buyer attempted to unilaterally amend an unconditional contract by adding a financing condition - without seller agreement - after execution by all parties? If so, no such amendment is typically possible without written agreement by all parties to the contract. The only exception to this is if some provision was included in the original contract to permit the buyer to do so.

The phrase "through no fault of the buyer" means that the buyer could walk away from the agreement only if the seller fails to comply with the terms of the contract; in other words, only through the fault of the seller could the buyer escape the contract. If the seller is ready, willing and able to close, then to avoid the potential legal ramifications, the buyer has no option but to comply and close the deal.

To clarify a little further, if the buyer complies with their promises as agreed in the contract, and the sale fails to close due to the fault of the seller, then the buyer would normally have no further obligation under the agreement.

I hope this explanation helps. Nevertheless, I suggest that you consult with your agent or lawyer for further explanation. Ross

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