Contingencies need to be removed actively, which means in writing, and preferably on a contingency removal form. You would be entitled to keep the buyer's deposit only if he/she backs out of the transaction after removing all contingencies. Since the 17-day contingency period has passed, and since you've delivered a notice to perform, you can now cancel the transaction if the buyer doesn't remove the contingency within 48 hrs of receiving the notice. But you would not be able to keep his/her deposit.
Please don't hesitate to call or email me if you have more questions. Good luck!
My advice would be to work with the buyer and buyer's agent to find out what the holdup is, and if they really intend to move forward with the purchase. If they do want the house, try to work things out and get the transaction closed. If they don't, move on ASAP. It's very possible that the buyer doesn't even realize that he or she needs to sign off on the contingency.
The bottom line is (if your contract was a standard contract and no revisions were made to it,) that you need to give a notice to perform. The buyer has 48 hours to act on that notice otherwise the deal is null an void. You might have a case to withhold some monies for damages but that is really a legal question and in all honesty, do you want to go down that road for $10,000? or less?
My advice would be to initiate the notice to perform and see what the reaction is. If they don't release contingencies well then, you didn't have a real buyer in the first place I guess. Get rid of that Realtor and hire someone who is on your side for the next time. You'll probably get more money for your home! hahaha
Call me if you would like to schedule a time for me to talk to you about my services.
P.S. My statement is in opinion and I am not an attorney. You should get legal counsel for any of these matters.
Jason P. Galardi
Multi Million Dollar Listing Agent
Keller Williams Beverly Hills
Prudential California Realty
A Berkshire Hathaway Affiliate
Have a great day,
Heather Paul, Realtor
Good luck -
You can feel free to call me to discuss or email me the documents you have so I can explain further.
8700 Reseda Blvd., Suite 213-B
Northridge, California 91324
(818) 967-9626 mobile
(818) 979-0226 fax
Best of luck.
It would be better to complete the purchase since you are so far along in the process and the house has effectively been taken off the market during this time. However, three weeks is much too long to wait for a signature. It does appear that no one really knows what is going on with the buyer you are in the dark and You Need To KNOW!
Have your Agent set up a meeting with the Broker and Buyer Agent and your Listing Agent and get to the bottom of it. Hopefully a clarification of the buyers intent and a Notice to Perform will get your signature for you and your house sold.
The inspection Addendum states the time requirements very clear. I have not read the california addendum for years so cannot be specific for you. One thing to keep in mind. Sometimes its better let a reluctant buy off the hook and move back into the market. If you go for their earnest money and they object, the process will tie up the property.
Some of the Inspection Addendums state that if the buyer does not repond as the addendum dictates the addendum and the rights it offers all become mute and all reverts back to the purchase and sale agreement as if the inspection addendum was not written.
But if the lender requires a repair and you will not make that repair the buyer has a clean out.