Bill Lublin

Stylzs

Without knowing why the seller wants to terminate your deal, it is really hard to provide you with solid advice.

If the final date of the agreement has come and gone, the agreement is no longer in force, and new agreements would need to be drawn (though frequently extensions will be used to do this - even though it is not the best way to make the agreement tight and legally binding). In fact, the seller is not killing the deal - the deal is already dead since you didn't perform (whether its your fault or not, the non-performance is a fact).

As far as being in default goes, the broker holding the funds has to retain the funds until either the parties agree to its disposition or a court of competent jurisdiction determines who gets the money. If that happens, you would just go to court and explain your position. You could bring an attorney or represent yourself -Pro Se - a choice that might be made based on the amount of money at risk and the cost of the attorney to represent you.

If the seller is reaching out to you , you might want to call them back with your agent present. Just be clear on what they might be proposing and careful that it doesn;t put you in a more difficult position than you already find yourself in. - Sun Feb 22 2009, 08:33