I have a contract to sell property to a certain individual. The agreed upon closing date with this person was March 22, 2007. On March 23, 2007, I found out that the closing did not take place and that the contract had been assigned to another buyer. Is this legal? Only persons with knowledge of applicable Kentucky law answer, please. Many thanks and may God bless you.
Thanks for the quick first answer! There is no assignment clause in the contract. However, my agent, whom I suspect of not accurately representing my interests, indicated that her attorney told her that there is a statute in the Commonwealth of Kentucky that supercedes the contract and which indicates that real estate contracts can be assigned without the consent of the other parties.
newmexicorealestateforms said:
Feb 02, 09 at 5:19 pmIn most standard Real Estate/Land Contracts there is a paragraph usually initialed by both the seller and the buyer which determines if the buyer has the right to subsequently sell the property with or without permission, you’ll need to look at your contract to determine if you have a standard contract with such a clause.
To check the law on real estate contracts in the state of Kentucky go here
Laws applicable to Real Estate Contracts all states: http://www.lawchek.com/resources/forms/que/contract.htm
and then here
LAWS: http://www.lrc.ky.gov/Statrev/frontpg.htm
Buena Suerte
APF said:
Feb 02, 09 at 11:36 pmwhat happened to your buyer? maybe the individual was not able to come up with the money. why were you not at the closing? ask and find then hire a ky lawyer to look to see if a breach of contract occurred.
goz1111 said:
Feb 05, 09 at 2:33 amyour sales contract is controlling authority some allow assignment others do not, you will need to read your sales contract very carefully to see if their is am assignment clause, if no clause no assignment
Tommy_N said:
Feb 05, 09 at 10:32 pmA couple of things. Look at the contract. Under the buyer’s name, does it read "and/or assigns"? If so, it’s legal for them to assign it. However, the agreed closing date does not occur, you may sue the buyer for damages.