Q: Once the cancelation documents are signed, how much time does the Real Estate Agent have to file for arbitration?
I used the inspection contingency to cancel the purchase of a home, and the buyer decided not to sign my cancelation and create their own to go into arbitration. The buyer's Agent has not responding to my Agent telephone calls and emails since I signed their cancelation on January 12, 2022. They are holding my earnest money, therefore I am not able to purchase another home at this time. I would like to know what I can do to expedite this process and get my money back. Thank you.
I think you mean that the seller refused to sign and accept your cancellation of the contract.
Arbitration is exclusively a creature of contract. Unless there is a signed agreement in which you agree to arbitrate any dispute, you would not be required to arbitrate. Similarly, the time in which to commence an arbitration is governed by the provisions generally contained in the agreement. If none are stated, then the time within which to commence the arbitration would likely be governed by the Statute of Limitations, which in New York is six years.
A: Has your agent sent escrow a request for return of your deposit? By law escrow has to return your deposit unless the other party contests. If the parties disagree on the return of the deposit, either party can request arbitration or mediation, per the RPA. Escrow will hold the funds until the matter is resolved. Your agent should be doing all of this for you ASAP. If your agent isn't helping you, contact their broker of record.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.