contract mistake in my favor

I went to sign the contractfor a new construction condo and the amendment we had agreed on had a mistake in my favor (<5k). I signed my portion and now they want to revise the contract to the terms we had agreed upon. I think it's worth 5k to them get a contract signed (development is 30% sold, lots of inventory, etc). I can prob buy a similar condo later for the same or maybe less. What's the worst that can happen?

I went to sign the contractfor a new construction condo and the amendment we had agreed on had a mistake in my favor (<5k). I signed my portion and now they want to revise the contract to the terms we had agreed upon. I think it's worth 5k to them get a contract signed (development is 30% sold, lots of inventory, etc). What's the worst that can happen?

Sorry the original post did not show up correctly. I have reposted.

I went to sign the contract for a new construction condo and the amendment we had agreed on had a less than 5k mistake in my favor. I signed my portion and now they want to revise the contract to the terms we had agreed upon. I think it's worth 5k to them get a contract signed (development is 30% sold, lots of inventory, etc). I can prob buy a similar condo later for the same or maybe less. What's the worst that can happen?

You don't get the apartment, which apparently isn't a big deal to you. This mistake has given you an opportunity to rethink your purchase decision. and while I agree with your sentiment that, especially in new construction, prices are not rising anytime soon, if you wanted to buy this apartment on agreed upon terms a week ago, what has changed your mind today?

The worst may be that they agree to sign with the small unintentional discount, and then in 8 months slash their prices by 25%, leaving you without any equity.

I am not sure i understand. you got the contract and read the terms and found an error, but instead of telling them to fix it and resend the amendment you signed knowing it was wrong. Now you are questioning why they want to fix it?

Before we get into whether or not you want to buy this apartment, did you actaully feel you negotiated a good deal prior to trying to play for an additional $5,000?

Now lets say the amendment was in the other direction and favored them for lets say $1,000 would you ask them to fix it or just sign, because you felt like it?

It sounds more like you want to negotiate with them again and are willing to let the apartment go. if that is not the case let them send you a new amendment and sign it.

ethics aside, isn't a signed contract legal because it's up to both parties to perform their due diligence? meaning he can validate it if both signed?

but in this instance when you buy, the buyer signs first which gives seller another chance to review. So upon review its obvious the seller found the error.

But all that aside since it was not countersigned then the seller asking for it to be fixed is fine, especially given that shoebox was well aware it was not correct when he signed.

more about situation-from my conversation with my lawyer, I thought the sales staff was aware of the mistake and the developer going to sign off on it, with the mistake. So I signed the contract in good faith.

I'm having second thoughts because if it was such a good deal, why is the sales staff so eager to get this thing sold, to the point of offering additional concessions?

with regard to ethics, my experience is that as friendly as the sales staff is at most condos, most of them would show no hesitation to eat my lunch or anyone else's lunch, and would do so without compunction. they may be doing so even if I get concessions.

Not sure what the ethical dilema is here. You signed a contract and sent it back. With or w/o the mistake, until the Seller signs the contract you do not have a contract and have bought nothing. What you in effect sent the Seller is a counter-offer that reduces the PP by 5k. If they sign they accept your offer, if not they do not and you go back to looking. Just don't kid yourself that you have anything more than that if the Seller tells you to take a hike and sells the unit to somebody else.

shoebox just fyi i wasn't questioning YOUR ethics per se, just putting it aside for the point of signatures, but generally agree with your assessment of sales staff no hesitation.

As i found out when negotiating my contract in a new condo, the sales staff has a certain percentage they can go to. It is possible that the figured the other $5k was not a big deal and within the range and the sponsor decided not to give more.

a lot depends on what price point you are talking about to begin with. $5k on a 1 million purchase is .5%. $5k on a $500k purchase is an additional 1% off the purchase price.

Also what was the percentage you got off to begin with. was the amendment a decrease in the purchase price or them covering closing costs. i found that the sponsor was actually better with giving me closing cost credits then reducing purchase price so that what hit the city was higher psf price.

@mktmaker yes certainly could happen--regardless of market, more desirable units go faster, less desirabe units sell later at a greater discount within same building (athough still a lot to chose from)

@mikev it is certainly possible that I did not hit that percentage within 5k with my accepted offer or or that percentage has gotten larger in the meantime. I don't want to give too much detail so % btwn 5 and 25.

half-more time to think whether I am actually getting a good deal and and whether anything shady going on--i'd like to talk to a lawyer or re agent offline who has nothing to gain from about siuation if anyone is willing
other half-don't want to lose time invested in this and want it to end

Contract anecdotes --

You should decide if youu are willing to lose the apartment. i rented a place -- quoted a lower price -- and liked the place. When asked what the price was quoted -- I did not have the original sheet with me. I signed a contract at a slightly higher price. When I found the initial quote -- I realized that i was "stuck" -- it costs extra money -- i sent a note saying ok -- but please note next year -- i don't plan on paying an increase.

I am hopeful that he will be gracious -- if not -- i will make a choice.
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I also had a friend sign a lease and they entered the wrong aprtment (two available) one with a huge terrace -- one without. She was in contract for the cost of the one without -- but with the terrace --

She insisted on getting the "contracted apartment" -- She got a great deal for a year...

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Some times you win -- sometimes you lose -- you do not get what you deserve -- you get what you negotiate.....Good luck!

Have any other apts closed in the building? If so, how does your negotiated price compare to the closing prices of the other apts?

@apt23 nothing has closed yet, but closing is soon. i'm comparing pricing to other similar buildings in the same area which have already closed.