Home Buying in 27560>Question Details

Aqua, Home Buyer in 27560

if there is no time being the essence on the contract, both parties couldn't find agreed on the amendment, can seller back out the contract?

Asked by Aqua, 27560 Tue Jun 5, 2012

The date has passed 14 days after the "target date" on the contract without "Time Being the Essence" stated. The seller decided to put the house back on market. Who is the party that breach the contract and will the buyer get the earnest money back?

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Roland Vinyard’s answer
There is no legal contract until ALL points have been agreed upon. It may be signed and an addendum not agreed to; if so, it's still not valid until that has been signed too. Therefore each party and back out without recrimination. However before either does that, they should consult with their attorney. There are many gray areas in these things which may need competant legal advice.
0 votes Thank Flag Link Sun Jun 24, 2012
You haven't supplied the necessary information to get any type of real answer.

NC real estate contracts have a diligence date clause, once the diligence date has passed the Buyers earnest money is forfeit unless either an extension is granted and the Seller has no obligation to do so.
when you write the "target date" has passed I'm assuming you mean the closing date listed on the contract. In NC a closing may take place within two weeks of the listed closing date on the contract and the buyer may not be penalized, after two weeks, the Seller may agree to grant an extension with or without any financial penalty or may terminate the contract and retain the earnest money dpeoist as liquidated damages.

Where is your buyer broker in all of this? What has your closing attorney advised?

You've referenced that you the buyer and the seller couldn't agree on amending the contract. The Agreement to Amend the Contract form is prepared by the Buyer Side but you did not specify what it was you were asking for.

The best advice I can offer you is to speak to your buyer broker (though it strikes me that their not doing a great job of representing you based on the little information you've provided) and more importantly speak to your closing attorney.

If you learn nothing else from this experience it should be that all agents are not equal and while I've no doubt I'll ruffle many feathers, in my opinion the truth has always been that 60% of all licensed Realtors throughout the country do a terrible job and don't deserve licenses. I've worked in several states and have been buying and selling real estate for 35 years and it's always been this way. True experienced professionals who know what their doing and work hard on behalf of their clients are harder to find than the general public would imagine. Most people have no idea just how bad their agents are ad unfortunately won't know until it's too late.
0 votes Thank Flag Link Sun Jun 24, 2012
Thank you for your posting. Yes the target date is the closing date from my message above. My agent simply told me i need to go to court to claim my earnest money back. I think the seller has another offer on the table so they are not willing to extend the contract when I only needed another week to close the house. I have since received their termination of contract request and asked me to give up the earnest money which I haven't signed yet. The broker attorney did not advise much. I am left along on this situation. You are exactly right about the service I received and very disappointed about the whole thing. I was not protected to get my extension prior to the due diligent date; therefore, I did not get a revised closing date that jeopardized the whole deal. I am not sure what to do right now.
Flag Sun Jun 24, 2012
It all depends. The NC Contract states there can be a 14 Day delay. If it goes further that that our contract states you have to go to mediation prior to court. Good luck.
0 votes Thank Flag Link Tue Jun 19, 2012
This is a contractual matter you should discuss with an attorney to get their legal opinion.
No one here can give you a qualified opinion without knowing more detail than you can or should divulge on a public site.
0 votes Thank Flag Link Tue Jun 5, 2012
I am sorry that I missed your comment/question, and I hope you have reached a resolution by now.
Flag Sun Jun 24, 2012
Thanks - even after the 14 days, the seller and the buyer were still negotiating but both couldn't come to an agreement. The buyer has put in a good faith try to close it but the seller just went ahead and put the house back on market. Do you recommend any reputable attorney in the area?
Flag Tue Jun 5, 2012
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