Sellers signed a AS-IS Md Sales Contract.Buyers said they would walk if Sellers did not pay and extra cash credit a clos

Question

We signed a contract as AS-IS with Sellers right to walkaway subject to the home inspection.  The Buyers agent provided us an email from the Buyer stating that following the home inspection they became aware of more potential issues.    Through that correspondence they said if we did not provide a sizable cash payment at Closing then they would (not might or may) cancel the Contract under their rights to do so from a separate condo document review right.We immediately instructed our realtor in writing  to provide them notice that (a)we weren't going to pay the money and that we (b)accepted their cancellation of the contract.  Later that evening their Realtor said they would stay in the deal without the ransom.  Further they would not enter into a cancellation agreement.  Our position is the deal is over.  You made an offer which had consequences had we agreed to pay the money, we rejected outright in writing and accepted your cancellation. How do we enforce our position at this point?

Thomas C. Valkenet · Answer

This is a very, very common issue. Your rights are in the contract, where you may be required to participate in mediation for disputes arising within one year from the settlement date. You may also sue for a declaration that the contract is at an end, among other things.

Richard Sternberg · Answer

Before you involve yourself in a significant litigation, the way you enforce your position is that you get a lawyer to review the exact words of each step of the transaction. If your recitation is grammatically accurate -- and there is no reason to believe it is -- I think you are still in the contract. If the option to walk away belongs to the sellers, then you might walk away as the seller, but if that was a misstatement, and if you are trying to walk away because the buyer presented a conditional threat like "if you don't x, we will do y," that isn't necessarily an exercise of their right to cancel. You didn't do x, so they couldn't have done y. This is tricky, and, even after the review, there is going to be a risk of loss. Making your decision based on a one-paragraph freebee on-line advice column is... well... stupid.  
 
Reading an answer on the Internet does not create an attorney-client relationship. You are represented by me when we have both signed a retainer agreement (on paper or electronically) and some money has changed hands. Usually, you will have been asked specific questions about your situation and all potential conflicts of interest will have been resolved. Until then, you have no more right to rely on this answer than if you read it in a novel.

Q: Sellers signed a AS-IS Md Sales Contract.Buyers said they would walk if Sellers did not pay and extra cash credit a clos