Q: Can I get the full legal 3% from a buyer that withdraw from a cash transaction for no apparent reason?
I got a cash offer for my house that is for sale and accepted it. Opened the escrow and signed the seller documents. We noticed that the buyer was delaying signing and making the initial escrow deposit as he stipulated in the offering. Later the week the buyer realtor reply that he had a break in the office and is busy. Next week the buyer made the deposit and the transaction started moving forward with a 21 days closing date. After another week of not communicating with us or escrow, the buyers realtor told us that the buyer had a family death. Passing the closing day which did not realized, and at our multiple requests the buyer realtor told us the buyer had a heart attack. No explanation or proof of any kind. We agreed on 1.5% retainer. Now two weeks later buyer did not reply nor signed the closing of escrow keeping my house still in escrow under contract. Can I ask the buyer for the full 3% legal retainer and should that be through a court litigation?
A: If you used the standard RPA, you likely capped your damages at the amount of buyer's deposit. If buyer has failed to close on the home and has waived all contingencies, you have a good argument for keeping the deposit. Your Realtor needs to make a demand for the deposit from escrow. If buyer contests, you will likely have to mediate or arbitrate your dispute. In the meantime you may relist your property.
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.
