Home Selling in 18954>Question Details

James Gallgh…, Home Seller in Richboro, PA

Buyer refuses deliver notice of the contract termination. Do I need it prior to signing another contract with the new buyer?

Asked by James Gallgher, Richboro, PA Fri Nov 11, 2011

I as a seller delivered ADDENDUM to the agreement of sale to the buyer in response to inspection repairs list.. Buyer did not accept offered compensation and replied with signed Agreement of sale release form via buyers agent. stating that they are no longer interested in the property
I have signed and return the release form but also requested a notice of termination of agreement of sale to be delivered by the buyer. Buyer's agent refused to provide one, stating that it is not required. I have send her many e-mails, requesting this and she would still refuse.
Can release form be considered as a terminate the contract?
Can I sign a new contract with another buyer at this point?

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BEST ANSWER
If I were you I would contact the buyers agents broker and request the termination agreement.
0 votes Thank Flag Link Fri Nov 11, 2011
As it is suggested below, I would send all correspondence to the Buyer's Broker and again request the notice of termination.
Real Estate Agents cannot give legal advice, for legal advice contact a real estate attorney.
0 votes Thank Flag Link Tue Jan 24, 2012
1. What does the real estate broker say?
2. Call a good real estate attorney.
Realtors cannot give legal advice.
0 votes Thank Flag Link Sat Nov 12, 2011
I would definitely talk to a real Estate attorney, My opinion is that by contract, it is very clear. I have had a client in the same situation and yes they were able to accept another offer because the buyer was released by you and did not live up to the terms of the agreement. The only problem is escrow money. It cannot be released until the other party signs or until some sort of mediation/small claims court action is taken.

Good Luck!
Web Reference: http://www.FrankDolski.com
0 votes Thank Flag Link Sat Nov 12, 2011
The moment you delivered the release to the Buyer's agent, that should have constituted termination. It does not need to be "accepted". If the Buyer didn't accept offered compensation and the timeframe for them responding has passed, then you are out of contract, period.

That said, I understand your request for a Release from Contract to be signed by all parties involved. Most brokerages require this just to be safe.

I would get the brokers involved at this point. Have your agent's broker, or yourself if you don't have an agent, contact the buyer's agent's broker. If you need me to look this information up in the MLS, just contact me.

Best, Eric
Web Reference: http://kurfiss.com
0 votes Thank Flag Link Fri Nov 11, 2011
To answer your question with any confidence, I would need to review all of the paperwork that preceded this exchange. Typically, the Notice of Termination specifically identifies the reason for the termination ----- that is, it refers back to a specific clause in the agreement of sale that supports to termination option. Hence, a neutral third party, i.e. a mediator could see the paper trail. However if you're well past the "reason", if you and the buyer used the standard PAR Agreement of Sale Release, this may be sufficient. If you or some other entity has released any deposit monies, you probably have no leverage on this issue. Conversely, if the entity holding the deposit monies requires the Notice of Termination, then it will be in the buyer's interests to sign the form.
0 votes Thank Flag Link Fri Nov 11, 2011
Hello James,

Contact a local Real estate attorney. Ron Isgate has an office in Doylestown and Ivyland (cell) 215 620 7110 and I would highly recommend his services. I am sure that is not going to charge you to answer a simple question but if you are in need of further assistance he would be the first peron I would call.

Best Regards,
Alan Openshaw
Cornerstone Lending
Southampton Pa
267 992 7276
VOTED BEST OF BUCKS 2010
0 votes Thank Flag Link Fri Nov 11, 2011
James,

Check with your agent to see if your area has a “withdrawal of offer” form. In our market, we use the “withdrawal of offer “form when a buyer wants to withdraw an offer. I have found it helpful to send a withdrawal of offer in writing to the seller even if the seller will not sign the form. Notate when the withdrawal form was sent to the seller for your records.

Thanks,
Carol Perdew
Prudential California Realty
(209) 239-7979
Carol@PerdewHomes.com
http://www.CentralValleyHomes.com
DRE 985176
0 votes Thank Flag Link Fri Nov 11, 2011
What does your listing agent say? Do you have one?
0 votes Thank Flag Link Fri Nov 11, 2011
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