Home Buying in Dallas>Question Details

Texaskate33, Home Buyer in Spring, TX

Do I have to wait for the seller's to acknowledge my termination of the contract before I move on to offer on a different property?

Asked by Texaskate33, Spring, TX Tue May 14, 2013

Terminated due to Hoa info not being provided. I am entitled to my earnest money

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You should wait for a signed release to be safe so you do not have 2 active offers.. This question though should be presented to your buyer agent who should be guiding you through the process. before coming to the conclusion it is the sellers job to provide HOA information it is up to the buyer in most cases to get the HOA info if they want to review or investigate it. You will need to read your contract to see whose duty this was and who is at fault if it is not done.
1 vote Thank Flag Link Wed May 15, 2013
Do you need to acknowledgement no, HOWEVER, it is VITAL that your agent has the proper NOTICE section filled out on the contract so that you can give the other party "proper notice" as dictated in the contract. I have seen cases where another agent who is not experienced believed that just shooting an email to the other agent was sufficient (note that it was not) as the other agents email was not a part of the notice section therefor not sufficient to serve. If you have any questions and not currently not represented by another agent I would be happy to assist you.
0 votes Thank Flag Link Wed May 22, 2013
No. But you must be able to prove that you sent timely delivered the termination of contract per the applicable provision in the contract. The release of earnest money form will be to be executed by all contracted parties before the title company will release it, outside of a court order. If your contract provides for it, you will want to make a demand for earnest money so the clock will start ticking on this matter.
0 votes Thank Flag Link Wed May 15, 2013
I agree, it is best to consult with your REALTOR! If you don't have a REALTOR, perhaps you should seek one.

Best of luck to you!
0 votes Thank Flag Link Wed May 15, 2013
Your realtor should be answering your questions for you. Hopefully, you terminated during your option period, which means you do get your earnest money back. You can move on to another property, but it is best that the seller acknowledges and signs the Release of Earnest money document. If you are not working with a Realtor, I suggest you select one.
0 votes Thank Flag Link Wed May 15, 2013
I agree with Scott.. check and double check the paperwork, and consult with your Realtor. If you are not working with a Realtor, you should consider it, so that you will have a professional available to guide you thru this procedure. The seller pays the Realtors fees, so it is at no cost to you and will benefit you greatly!
0 votes Thank Flag Link Wed May 15, 2013
Hopefully you are working with a licensed real estate professional, if so, contact them for direction and advice. That is why they may earn a commission.
Web Reference: http://timstoll.com
0 votes Thank Flag Link Wed May 15, 2013
Morning,

You don't have to wait for the seller's acknowledge or signature.

But since you are using a realtor, you should check with him/her to make sure the termination was sent to both the Title company and the listing agent.

Dixon
Realtor
http://www.findyourtexashome.com
0 votes Thank Flag Link Wed May 15, 2013
The Termination of Contract is a unilateral document (only you must sign and submit it to the Seller and Title Company) but it must be based on a specific provision of the Contract in order for you to receive a refund of your earnest money. That being said, the Release of Earnest Money must be signed by all parties with instructions for the title company as to whom the earnest money goes to. If the Seller and their agent (and the title company all agree that you are entitled to the earnest money, you will have no problem. Regardless, once you have submitted your Termination of Contract, you can begin to submit other offers. No acknowledgment is necessary by the Seller.

Brent Rice, Trulia Top Recommended Broker (Pro & VIP)
The Rice Group, Inc.
Website: http://www.ricegroupinc.com
214-808-3100
Brent@RiceGroupInc.com

(If my answer addressed your question and was helpful, please indicate by giving me a THUMBS UP or BEST ANSWER)
0 votes Thank Flag Link Tue May 14, 2013
Your Realtor is person need to answer all of your concerns. MANY times HOA can be delayed due to the mgmt. company tend be slow in providing those documents can exceed the agreement time limit.

Whether you receive the earnest money returned is governed by the executed sales agreement.

Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com 100's of Dallas homes listed for sale or lease

Follow me on Facebook
http://www.facebook.com/lynn911dallas
0 votes Thank Flag Link Tue May 14, 2013
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