Q: Hello?4 Weeks ago we were presented with a cash offer and given 25000 earnest money to hold the deal. 2 days before we were supposed to close the buyer stated she was unable to obtain the funds and wanted an extension of 3 Weeks. She has not signed an extension letter its been 11 days since our closing date?.our realtor told Us that in Order to get the earnest money we would have to take her to court because it?s over 8000?.we meet every contingency we are living in an apartment and we already wrote our builder a check to begin our new home?.our realtor also told us that in order to sell our home to another party she would have to sign a cancellation agreement?how can that possible be??? She is completely in breach if contract..however we have to fight for the earnest money..AND we can?t relist or home?.this makes no sense to me!!! We just have to sit in limbo and wait???? any answers would be greatly appreciated!!
party she would have to sign a cancellation agreement?how can that possibly be?she is in breach of contract
?Sue, West Fargo, ND
A:You probably have a very clear right to declare a default and keep the deposit, but only a lawyer can tell you that after reading the agreement. The agent is telling you what her office POLICY is regarding the deposit, not the law. Many times the agents do not even know that there is a difference. I suggest you try first to call the broker in charge of that office and request that they release the deposit to you without a ?cancellation? from the buyer. Tell them you will release them from liability if the buyer comes after them. If they refuse, your only course is through an attorney. Sorry for your troubles and good luck!
Linda Walters is a Realtor? with Sage Realty LLC in Wayne, PA.
A: You need to refer to your original contract when the buyer does not close on the home. The real estate purchase contract should have specific dates that keep the contract valid. If there was no extension addendum signed by the seller and the buyer, it sounds as if the contract is null and void. You need to refer to your purchase contract to see if you can retain the earnest money as liquidated damages.
Sandy Straley is a Realtor? in Layton, UT.
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