Comment

Comment by Jeff Payne on July 11, 2011 at 6:30am

Glad to hear it was resolved. My non legal opinion is that since there was no EMD sent to escrow, the buyer can walk away and there is little anyone can do about it.

Comment by Sue Irwin on July 11, 2011 at 6:27am

NO, no deposit had been sent to escrow.

This issue has been resolved -- the seller finally signed the cancellation doc.

But I can imagine it comes up for other people and would like to know if anyone has had experience. (California)

Comment by Jeff Payne on July 11, 2011 at 6:21am

Sue, is there any escrow money involved?

Comment by Sue Irwin on July 11, 2011 at 6:17am

HI Bryan

In this instance, my buyers sent an official cancellation document. The seller took two weeks to sign it, during which time my buyers wanted to move on. According to a manager I spoke with, we needed seller cooperation to cancel. Seemed odd to me that buyers couldn't unilaterally cancel once it was beyond the time in their contract for waiting for lender approval.

Comment by Bryant Tutas on July 10, 2011 at 11:47pm

If the contract has expired then there is nothing to cancel. If a contingency has expired then the seller or buyuer can usually cancel with no penalty. However they need to put their intent in writing. So did your buyers put their intent to cancel in writing? Was this done in a timely fashion? Or could their lack of doing anything imply that they were still moving forward and the contingency has just been removed due to lack of action?

 

So.....it depends on how the contract and the contingency reads.  And whether or not written notice was provided in a timely fashion.