I am selling a house in CA. After the lazy buyer removed the contigency (days after the agreed date), I am now facing a different issue. The house is set to close on Monday according to the signed contract. Apparently no one on his side (agent, buyer, whatever) is aware of this date. I called the utilities and they told me no one called to turn on service on the house. When my agent finally got a hold of someone on his side, he was like 'oh, Monday? It will be OK." I lost all my trust on this deal; the Title company hasn't received any paperwork for the buyer.
What's my right here? Don't I have the right to know when the closing date is? Or am I stuck because I need to sell? If I break the contract because he broke the agreement, do I get to keep his deposit?
Anyone had a similar issue before? I wonder what he is thinking?
2006-11-04 08:22:07 · 1 answers · asked by Ann H 1 in Business & Finance ➔ Renting & Real Estate
If you have a signed purchase and sale agreement, and the buyer fails to abide by the agreement, you can usually keep the deposit. You have to see what your contract says.
The closing date should be in the P&S and any change should have to be in writing. If the buyer has to obtain a mortgage and is having a problem, you may be stuck, since that usually allows the buyer to get his deposit back. Also check to see if the P&S has a "time is of the essence" clause.
2006-11-04 08:30:26 · answer #1 · answered by thylawyer 7 · 0⤊ 0⤋