As a seller of a motorhome, can I cancel a purchase agreement?
ByI signed a simple one page Purchase Agreement for the sale of my motorhome. It includes the buyer/seller name, purchase price and payoff amounts and vehicle description and VIN. The buyer is a re-seller of motorhomes. Can I cancel the agreement as I have received a better offer from another RV dealership?
Thanks for the quick replies!
This sale is sight unseen. It was agreeded verbaly that no attempt to renogotiate would occur as long as the vehicle is in the condition I claimed it to be. So, since the agreemen is binding, how does the buyer protect themselves in the event the vehicle is less than they expected? (I ask because they are a business and I’m pretty sure they know what they are doing)…Thanks
As I continue to research this situation I am advised that without ‘consideration’,
i.e. a deposit of some sort, there is no enforcable contract. Sorry but I think the previous two answers are bogus.
4 Comments
April 28th, 2010 at 6:42 am
No, that is why we have contracts signed,so this dont happen..You have contracted to sell it already,so it is sold,as long as the contracted person pays as he contracted.
April 28th, 2010 at 7:04 am
Not legally, unless there is an out in the contract.
If you do cancel, you are legally liable for the re-sellers expected profit, time, other costs incurred, and penalties.
April 28th, 2010 at 7:05 am
You need a lawyer who is familiar with contract law.
April 28th, 2010 at 7:52 am
Until the buyers take possession of the motorhome, then you are under no obligation to finish the deal. You would have to return any deposit money received. This is the same as if you were to sign papers for a new car, then change your mind. Unless you take physical delivery, then it’s not a complete legal transaction. Good luck.