Q: I cancelled my purchase agreement...Seller will not sign release
I, the buyer, entered into a purchase agreement which stated closing would occur by 4/23. On 4/28, I instructed my realtor to cancel agreement. Seller refuses to sign release and my realtor is suggesting that I offer up a portion of my earnest money deposit to the seller to cover money spent with title company to get him to sign. I don't think I should have to do that. My realtor says I was legal in breaking contract. What recourse do I have?
A: The answer depends upon whether your realtor is correct is his or her assessment of the issue whether you were within your rights when you claimed to cancel the agreement. You have not provided enough information to permit an assessment of that issue.
Kenneth V Zichi and Michael Zamzow agree with this answer
A: I would want to know who was responsible for the transaction failing to close on the contract date. Moreover, the language in the purchase agreement about the closing date controls. What does the purchase agreement really say..."on or about...." is different than "on or before" or on "April 23, 2021." If you are not responsible for the sale failing to close, and the language is definite about the date, then you may have a case against the seller. A real estate attorney needs to look at your purchase agreement further. See www.provenresource.com for more information.
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