So since the buyer didn't hear anything by sequence of events, implication that you won't agree to their request, and still w/in "the time stated in Paragraph 13(B)(3a)", they are pulling out by evidence of termination letter because Seller failed to choose either option in writing - On or before the 10 day period, buyer will do one of two things terminate then and there or send in the reply-to-inspection letter, which they did on the 30th, so new timeframe began then. So, the 5 days response began on the 30th because that is when she received it. "On January 30, my agent received the buyer's reply-to-inspection letter, which was forwarded to me three days later on February 1." Besides, such action may create a lis pendens on title too which will also have to be resolved. Overall, it may be worth simply letting the current buyer go and return the money because in practicality if it becomes a dispute to go to court to pursue the liquidated damages money it will entail you removing your property from the market (not allow showings nor entertain other offers) until matters are resolved and that can take months. With regards to your specific transaction, you should consult an attorney as other legalities may come into consideration. So it seems your agent may be dropping the ball with important dates and deadlines and time of essence criteria so the buyer is executing their rights and protecting their money.
If I were the buyers if you responded like you are now, I would definitely file suit against you, you may hold the $10K, which most likely will be returned to them, but they can hold your house hostage until this is resolved.Īnything delivered to your agent is deemed as delivered to you, regardless if your agent is taking days to forward things to you - so subsequent time of essence rights you or the buyer may then have at this point in your contract are based from such delivery to (your) agent and not when you got the paper.
The potential buyers can't help that you have a mortgage and HOA fee, guess what? you own the house, that is your responsibility not theirs. ax your real estate agent for the lack of responsiveness and get on with the sale process. On top of that, he seems to think the 2-3 days extra, which may not be extra to begin with, are worth something close to $10K. He wouldn't know b/c he didn't have a lawyer look over the contract, he had an internet forum. essentially the buyer complied with their end of the deal by giving an inspection list which was ignored until the end of the contingency period, then this seller has the gall to try and keep a deposit on this arguing about a day or two on a cancellation which most likely is within the bounds of the contract.
I really don't understand people like the OP. Since it is not in the section you provided, elsewhere in the contract is probably a sentence that indicates if the contract uses calendar days or business days.Ĭoincidentally Feb 4th is the 10th business day from the contract signing. Your bigger problem is an agent that doesn't send you documents immediately or the next morning if they are received late in the day. It's not worth the headache or hassle for what is likely not a whole lot of money. Honestly, just let it go and move on to the next buyer.