I recently bought 100 acres from a guy in a land purchase. He lives on a county road that is more or less private as only his house and another land owner live on the road. The land in this area is highly sought after and is 4 minutes from town. I approached him about buying some land and he laughed in my face. Then a month later he called me wanting to sell out. He was supposedly going to sell me 100 acres and sell some land on another road that backs up to his place in total he was selling about 180 acres including my purchase. He found a new place on the river and he was using the money from both land sales to purchase it out right. My wife even helped him with the contract on his new purchase as she is a lawyer.
After we signed our contract, He asked that I respect his privacy and not go on the property until the deal was done. Only once in the last month did I even drive down the road the property is on which, I notified him I was going to do. He said it was ok to do that, however when I drove past and turned around to leave as the road dead ends he flagged me down and chewed my ass for coming down the road and upsetting his wife. I apologized and left. This land has been in his family since 1920 and has some sentimental value.
Time has gone on and today was the closing on the land. I was told he and his wife would be there. My wife and I arrived and signed all the papers and I rolled 250K in a 10-31 farm deal into it and got a loan for $75k to buy it. I also sold most of my equipment from my old farm as I would not need most of it on this new place as it is mostly timber. Anyways, He did not show to sign. I was told he and his wife would now come on Monday to sign. I asked him if everything was ok with our deal and why he did not show to sign. He said his wife was bit by a tick a few days ago and didn't feel good. He said she had improved today. The title people offered to take the paper work out to them to sign at their home. They refused. I asked him if me and my family could go out to the land and look around as I was only allowed to see it one day for 15 minutes. I was never allowed back on the place. He said no. He said his wife wants her privacy and they would go and sign the papers Monday morning.
Some how, I don't believe this is going to happen. He will blow 3 contracts and be sued by all involved and the title company if he does not sign. I am out thousands of dollars in closing costs and now only have 4 months to find land or pay taxes due to the 10-31 deal.
I was very calm and said ok, Monday is fine. I hope she feels better. I have my house that I live in listed for sale and a floor planned and builder lined up for this property to build a new house and live on. I have alot invested in this deal due to it being in the right school district for my two kids. Am I going to get screwed on this deal??????
Follow the contracts rules in your jurisdiction. I will also suggest your wife is potentially conflicted out for writing paperwork like she did. NOT a good idea. Read your purchase and sale agreement carefully. That document is THE deal.
