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Real Estate Ethics: Do I Have to Honor a Deal Made Before the Market Turned?
Jancee Dunn Polls the Experts
Q: I offered to buy my great-aunt's house. In the six months that she's been researching assisted living facilities, the value has decreased a lot. Do I honor the original deal? A: "There's no obligation to pay more than a fair market price. Ultimately, it boils down to this: How much do you like your aunt, and how much are you willing to give her to help her out?" — Jack Marshall, president of ProEthics "Actually, the crucial thing is whether you had a deal in the form of a written contract or a mutual understanding. If you offered a price and she accepted in writing, that's a legal contract and you have to accept the consequences of a downturn in the real estate market, unless your great-aunt wants to let you out of your obligation." — Anita L. Allen, professor of law and philosophy at the University of Pennsylvania Law School
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