pier sold

Descant · 11-04-2016, 03:17 PM

nhyitbos "There is nothing you can do to ensure that the seller won't let you make the repair then turn around and sell it for a higher price to someone else."

Business deals are not like selling a house where there is a standard contract and everything happens in 30 days. (A house seller can't just walk away from a contract either.)
In a deal of this size, I'm sure both buyer and seller have had adequate legal advice. They are both bound by whatever contract they agreed to and default by either party would have consequences, including a cloud on the title that would stop some other buyer. The seller cannot just walk away and sell to somebody else, whether there are repairs or not.

nhyitbos · 11-04-2016, 05:29 PM

Quote:

Originally Posted by Descant

nhyitbos "There is nothing you can do to ensure that the seller won't let you make the repair then turn around and sell it for a higher price to someone else."

Business deals are not like selling a house where there is a standard contract and everything happens in 30 days. (A house seller can't just walk away from a contract either.)
In a deal of this size, I'm sure both buyer and seller have had adequate legal advice. They are both bound by whatever contract they agreed to and default by either party would have consequences, including a cloud on the title that would stop some other buyer. The seller cannot just walk away and sell to somebody else, whether there are repairs or not.

Please take this in the spirit it's intended...as a retired commercial broker and land developer in the fourth largest city in the nation...there is a difference between binding and enforceable...hopefully it has both...always a way to "get out" for either parties...I was commenting that I fear more for the buyers in this deal....again...they don't own the property...would be interested in seeing the legal language that protected the buyer from the seller implementing (just my) the scenario that I stated. Oh, don't ever say never, one of my property owners called to say that his house was going do the road on a flatbed semi...as I was 250 miles from him, suggested he call the police..then the insurance company. lol

Lakeboater · 11-04-2016, 06:44 PM

What is the fourth largest city in the country? Just curious.

secondcurve · 11-04-2016, 07:38 PM

Quote:

Originally Posted by Lakeboater

What is the fourth largest city in the country? Just curious.

I believe it is Houston.

Descant · 11-04-2016, 08:21 PM

nhyitbos, I sent you a pm. I hope we'll see more of you on the forum.

RUGMAN · 11-05-2016, 08:31 AM

Anyone with any smarts wouldn't think of starting work on a piece of property they don't own. It would be crazy to start any work before the closing. Going back after would be expensive. Can't get blood out of a stone, no matter how you hard you squeeze.

garysanfran · 11-05-2016, 02:58 PM

Why do people assume these buyers are morons and wouldn't have thought of not rehabbing someone else's property without legal guidance? Are handshake deals of such magnitude still being done in New Hampshire?

Another question...Did they buy the entire Winnipesaukee Gardens pier? I hope so, and I hope they succeed. But a boring showroom and offices?

11-04-2016, 08:21 PM	#5
Descant Senior Member Join Date: Mar 2006 Location: Merrimack and Welch Island Posts: 4,597 Thanks: 1,418 Thanked 1,705 Times in 1,109 Posts	Pm nhyitbos, I sent you a pm. I hope we'll see more of you on the forum.

11-05-2016, 02:58 PM	#7
garysanfran Senior Member Join Date: Jul 2009 Location: San Francisco/Meredith Posts: 1,639 Thanks: 727 Thanked 705 Times in 363 Posts	I think I've missed something... Why do people assume these buyers are morons and wouldn't have thought of not rehabbing someone else's property without legal guidance? Are handshake deals of such magnitude still being done in New Hampshire? Another question...Did they buy the entire Winnipesaukee Gardens pier? I hope so, and I hope they succeed. But a boring showroom and offices? Attached Images __________________ Gary ~~~~_/) ~~~ ~~~~~~~~

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11-04-2016, 03:17 PM	#1
Descant Senior Member Join Date: Mar 2006 Location: Merrimack and Welch Island Posts: 4,597 Thanks: 1,418 Thanked 1,705 Times in 1,109 Posts	nhyitbos "There is nothing you can do to ensure that the seller won't let you make the repair then turn around and sell it for a higher price to someone else." Business deals are not like selling a house where there is a standard contract and everything happens in 30 days. (A house seller can't just walk away from a contract either.) In a deal of this size, I'm sure both buyer and seller have had adequate legal advice. They are both bound by whatever contract they agreed to and default by either party would have consequences, including a cloud on the title that would stop some other buyer. The seller cannot just walk away and sell to somebody else, whether there are repairs or not.

11-04-2016, 06:44 PM	#3
Lakeboater Senior Member Join Date: Nov 2013 Posts: 394 Thanks: 20 Thanked 131 Times in 94 Posts	What is the fourth largest city in the country? Just curious.

11-05-2016, 08:31 AM	#6
RUGMAN Senior Member Join Date: Jul 2015 Location: weirs beach, Posts: 311 Thanks: 39 Thanked 42 Times in 34 Posts	Anyone with any smarts wouldn't think of starting work on a piece of property they don't own. It would be crazy to start any work before the closing. Going back after would be expensive. Can't get blood out of a stone, no matter how you hard you squeeze.