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Michigan | Recently bought a farm with a very nice brick ranch. I have no need for the home so we decided to sell it.
The home is currently being rented out so we decided on a value of the home and offered it to the renter first.
He immediately agreed to the asking price.
We’ve agreed to certain terms,ie Survey, title insurance etc.
my question is if we both sign a purchase agreement, how legally binding is it? Can he back out?
I’ve bought farms at my kitchen table and have had the sellers sign a simple agreement with property description, purchase price,etc. before they have left the house.
I’ve made calls to my CPA, and Lawyer soon after and both have told me I was “golden” with that piece of paper.
Can I legally hold the buyer of the home responsible for the purchase of this property?
Edited by keving 10/14/2024 06:05
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Purchase Agreement question
