Is Arbitration Worth It?
My wife and I placed a $7500 deposit on a home that was to be built. The contract for this home contained a contingency agreement for the sale of our current home. This agreement contained a 24-Hour Right of Refusal Clause stating that the agent had to notify us before accepting any other offers and give us 24 hours to remove the contingency agreement and close before they could proceed with the second offer. We contacted the seller's agent to ask them a question one day and were notified that they had received an offer a couple weeks earlier and had just been too busy to notify us. They closed three weeks later without affording us the 24-Right Of Refusal. We were told that we could move our deposit to a different lot or it could be returned. Feeling betrayed we opted for them to return our money. Now they are refusing to return it. After unilaterally violating this contract by violating this clause what right do they have to keep our money? Is the contract not null and void?
Hi Deep
So sorry for the frustrating situation you find yourself in. You need legal advice... which no Realtor can give you. Call a real estate attorney on Monday morning! It seems as though you should be entitled to your money back, especially if they offered it, but you need to seek legal options now.
Just out of curiosity....if they had called you when the other offer came in, were you in a postion to waive your contingency, and buy without selling first? If not, then just focus on getting your $7500 back, and work on getting your house sold so that you can move forward with no contingencies in the future.
Best wishes
Debbie Rose
Prudential NJ )Properties
WOW! That's all I have to say. I am shocked that these "professionals" would stoop so low. As the person above me has stated. I have not read your contract, nor know the entire situation. But it sure sounds like you can and should take this somewhere. You see you wouldn't be just helping yourselves, but others that these folks may come in contact with in the future. Why let them get away with doing business in this manner? It's time that it comes to a stop. If I can be of any help you can email me at hskender@aol.com - I would assume that you would like to find something else and I would love to help you find it.
This is a real estate attorney question. Having said that, it certainly seems wrong on many levels. I will share my thoughts... but please remember, I've not read your contract nor am I licensed or working in your marketplace.
The contract is not null and void - null and void means it never happened... this is a terminated contract. A wrongfully terminated contract, apparently.
Your contract may REQUIRE arbitration - many builders contracts do. You may have waived your right to file a lawsuit... however, call an attorney. This is SO wrong, I hope you can get more than your deposit back. I hate it when the big boys try to make their own rules. Fight this one for the little people! Oh, and, by the way, don't buy from them. There's something better out there for you.
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