Home Selling in 28203>Question Details

Unhappy Buyer, Home Buyer in 27609

How long does the seller have to sign ther termination agreement once it is submitted to them?

Asked by Unhappy Buyer, 27609 Tue Jan 11, 2011

I have terminated a contract as the buyer and have submitted both the 2010 and 2011 version of this...I have not received the signed form from the seller...is there a time limit on when they need to sign the document(s)?

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4
April Crowder’s answer
How much is your earnest money? In NC, if you have to go to court and it is $5,000 or less, you can go to small claims court and represent yourself. I know of several cases where the seller would not release the earnest money and the cases went to court. In every case, I was told that the judge split the earnest money between the buyer and the seller. That is not what the real estate contract says but that is what may happen. You also said it may go to arbitration so you may not even have to go to court. Go luck with getting your money back!
0 votes Thank Flag Link Thu Jan 13, 2011
thank you both for your response....I didn't know if there would be a "law" in place regarding the length of time to be allowed for these things. I have basically terminated the contract because the seller was not being responsive and now the seller is holding back the earnest money because they are basically mad that I terminated based on what they had not done. I am now forced to putsue this with an attorney apprently. My agent claims to have strongly recommended that the seller not withold the earnest money but the seller is apparently being stubborn about this. My understanding is that I will be in some sort of arbitration at some point on this and so I am trying to understand my position. Know any good real estate attorneys in Raleigh NC?
Anywa, thanks again for your responses...they are appreciated.
0 votes Thank Flag Link Tue Jan 11, 2011
Consider asking your agent the question, also review the contract as the answer may be found in it...
0 votes Thank Flag Link Tue Jan 11, 2011
All is governed by the terms of the sales agreement have your buyers agent review all the conditions what takes place.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Tue Jan 11, 2011
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