Pensacola, FL asked in Real Estate Law for Colorado

Q: Do I have any recourse if a buyer does not pay earnest money decides to not purchase with no written termination?

Buyer conducted an inspection and then decided not to purchase the home. A week later I was contacted by their firm, and told a written termination was coming but two weeks later, nothing. The closing date was to be June 14. I am not sure how to proceed now. My wife is upset, and I have been told that we have nothing else to do but give them notice of termination and proceed to put the house back on the market. More information is available on request, to include all documentation.

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1 Lawyer Answer
Tristan Kenyon Schultz
Tristan Kenyon Schultz
Answered
  • Fort Collins, CO
  • Licensed in Colorado

A: Absent a signed contract and/or payment it will be hard to establish that a complete agreement was reached. You will need contact (and likely hire) an attorney to review the contract (if any) and surrounding circumstances to make an assessment of the likelihood that an agreement was created.

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