Home Selling in 93065>Question Details

E Horvath, Home Seller in 93065

What is or the purpose of the Notice to Perform document? I was told to ask for it from my realestate

Asked by E Horvath, 93065 Tue Nov 13, 2007

broker. I'm selling my single familly home with a realestate agent, it's in escrow . The buyer was approved for a loan but I found out that the lender who previously approved the loan for the buyer actually ran out of money before fondidng the loan. Now the buyer is going through the process once more with a different lender.

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Chris, er, I mean Mr. E Horvath, -- since you did not seek any legal or specific transaction advice, then you should have had no objection to my posted warning to pros to not give such advice.

Unless you were Chris, in which case I can understand why you gave me a thumb down.
3 votes Thank Flag Link Tue Nov 13, 2007
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
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Note to Trulia Voices Pros: please do not give this questioner any legal or transaction specific advice.
2 votes Thank Flag Link Tue Nov 13, 2007
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
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Karen wrote: Oh PLEASE JR. In Long Island do you actually consult an attorney before you send a "Notice to Perform"! In California we use notice to perform when the buyer isn't performing. They can be very helpful.
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Ruth wrote:
JR:
I thought you had been here long enough to realize CA does things very differently.
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I don't think asking an attorney for advice is a bad answer anywhere. Obviously this persons agent didn't explain it to them.
1 vote Thank Flag Link Wed Nov 14, 2007
Oh PLEASE JR. In Long Island do you actually consult an attorney before you send a "Notice to Perform"! In California we use notice to perform when the buyer isn't performing. They can be very helpful.

Karen Miller
1 vote Thank Flag Link Tue Nov 13, 2007
Did not intend to seek any legal or transaction type advice. Just a simple professional guidenance , information and "advice from those in the know". Thank you Nick, Rebecca, Sylvia, your answers were very helpful.
1 vote Thank Flag Link Tue Nov 13, 2007
Notice to perform does not automatically guarantee the seller will receive Liquadated Damage.

As this is a complicated issue and really depend on the very detail of your transaction; your best advise will be from either your Realtor, or if he can't answer the question to your satisfaction, ask him to let you talk to his Broker. They should sit down with you and go through your optons.

Good Luck,
Sylvia
1 vote Thank Flag Link Tue Nov 13, 2007
Sylvia Barry,…, Real Estate Pro in Novato, CA
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Your Realtor should advise you of all possible options at each stage of the game. If the buyer is not performing, and the contingencies have been removed, then the Notice to Perform can be used appropriately. You need to discuss it with your Realtor and your Realtor will prepare it if you direct him or her to do so.
1 vote Thank Flag Link Tue Nov 13, 2007
The first I heard about this document was from a friend, as an advice. Is my Realtor obligated to provide me with this document without me having to ask for it or is it optinal, except only if I ask for it specifically?
1 vote Thank Flag Link Tue Nov 13, 2007
It is a question that should be answered by your Realtor. If your Realtor doesn't know, you have a problem.
1 vote Thank Flag Link Tue Nov 13, 2007
A Notcie to preform is a document that gives the agent on the other side 24 to 72 hours to preform a supposed task in accordance with the contract, it allows you to get what you are owed based on the contract.
1 vote Thank Flag Link Tue Nov 13, 2007
A notice to perform is used between the sellers Agent and the buyers Agent when a part of the contract is not being fulfilled. Please contact your Agent and Escrow Officer in writing with your questions.
0 votes Thank Flag Link Tue Nov 13, 2007
E Horvath
A notice to perform is a written reminder for a person to do what already is agreed.
Every locale is a little different. You should consult with a Real Estate Attorney immediately.
Lawyers do not practice real estate, we don't practice law.
There may be issues that arise from contingencies that are not met and the fact the buyer did not fulfill the contingency and no one from the seller's side held them to account.
0 votes Thank Flag Link Tue Nov 13, 2007
Keith Sorem, Real Estate Pro in Glendale, CA
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JR:
I thought you had been here long enough to realize CA does things very differently. In IL we use attorneys for everyday transactions. In CA and atty is primarily used if a situation escalates into a lawsuit. At least that is my understanding. I'm not a real estate agent or an attorney and I've never bought or sold property in CA or NJ.
Ruth
0 votes Thank Flag Link Tue Nov 13, 2007
Ruthless, Other/Just Looking in 60558
MVP'08
Dont you have an attorney who can help you with this? That is who you should be asking. We are not attorneys.
0 votes Thank Flag Link Tue Nov 13, 2007
Thank you for all the helpful information and explanaition! Based on what I learned from the answers and also what I just read on the subject, using the Notice to Perform document is tempting but it does not look to me as it's such a good idea. If the buyer still has unsatisfied contingencies -- for example, he may not have removed the physical inspection contingency -- the seller must first give him a notice to remove the contingency before the seller will have a cancellation right.
Assuming that the buyer has removed all contingencies, the seller has the right to cancel if the buyer does not then proceed to close according to schedule. If a buyer does not comply, then the seller may cancel and authorize the return of the deposit. But, usually, when a buyer refuses to close, the seller not only wants to cancel, but the seller wants to keep the deposit too and wouldn't the use of the Notice to Perform prevent that?
0 votes Thank Flag Link Tue Nov 13, 2007
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