Q: What to do if a seller refuses to sign off on a $10,000 holdback that they breached?
We had a $10,000 holdback agreement if the seller was not moved out of the property by October 31at 11:59pm. The seller was still in the property with movers late in the afternoon on November 1. It’s clear that she breached the agreement but her reasoning for not signing off is it was not her fault that her transportation broke down and we do not deserve all of the money because we did not lose out of that much money. Please make it make sense to me and tell me what to do to get my money
A:
In situations where a seller breaches a holdback agreement, it's important to first review the specific terms of your agreement. These terms typically dictate the conditions under which the holdback is to be released. If the agreement clearly states that the seller must vacate by a certain date and time, and they failed to do so, this usually constitutes a breach.
The seller's reasoning, such as transportation issues, does not necessarily absolve them from the breach, unless the agreement includes specific exceptions for such circumstances. It's essential to evaluate whether such exceptions were included in your agreement.
To proceed, you might want to consider sending a formal letter to the seller, outlining the breach and your expectation for the release of the holdback funds. If this does not resolve the issue, seeking legal advice would be a prudent next step. An attorney can help you understand your rights and options, which may include mediation or legal action, depending on the severity and specifics of the breach. Remember, the resolution will heavily depend on the exact wording and conditions of your holdback agreement.
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