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Joe Sorrentino
"The Name You Know and Trust! tm"
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Joe Sorrentino; licensed Real Estate Associate Broker with MJ Peterson Real Estate Co. specializing in the sale of residential and commercial real estate
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Joe Sorrentino answered:
Without seeing the contract or knowing the circumstances entirely, NO ONE HERE can give you advice about this. If you have an agent and an attorney, your attorney is the best one who can advise you. In Erie County, our contracts are structured so that everything is contingent upon an attorney approval, satisfactory home inspection and receiving approval for a mortgage, ALL within the time specified in the contract. If the seller's listing broker is holding the $5,000 deposit, they have to return the money once the buyer and the seller and the brokers sign the Release of Contract.
Don't spend too much time here asking all kinds of advice. Pick up the phone and call your attorney. By law, a Real Estate agent or even a consumer who is not an attorney cannot offer you advice. The State of New York considers that a violation of the Law because they are practicing Law without a license. Your agent however can explain the contract to you and what your options are but, Please call your attorney. Everything will be fine.
Don't spend too much time here asking all kinds of advice. Pick up the phone and call your attorney. By law, a Real Estate agent or even a consumer who is not an attorney cannot offer you advice. The State of New York considers that a violation of the Law because they are practicing Law without a license. Your agent however can explain the contract to you and what your options are but, Please call your attorney. Everything will be fine.
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