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LegalKnowledge
LegalKnowledge, Attorney
Category: Legal
Satisfied Customers: 23978
Experience:  9+ years handling Legal, Real Estate, Criminal Law, Family Law, Traffic matters.
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In Texas I have made a few real-estate investments. 2weeks

Customer Question

in Texas I have made a few real-estate investments . 2weeks ago I left a $ 2500 . earnest money deposit with a 14 day close , which I must pay cash and agreed . since then we found issues with the property and my funding is no available . so I wish to cancel. they say I will lose the 2500. what can I do?
Submitted: 1 year ago.
Category: Legal
Expert:  LegalKnowledge replied 1 year ago.

Good afternoon. In the contract which you signed, was there any inspection period or was the property being sold as is. Also, was financing a condition? You shared that you were paying all cash, so I assume that the funding was something which you may have relied on but was not actually a condition to the sale

Customer: replied 1 year ago.
I was aware after inspections and accepted the inspection , it's a funding issue on my part .cash deal was the only way and I had 14 days to close . my recourses dried up unexspectly .
I just feel as though a 7 day return policy was never explained until the 8 th day . I guess that's my real issue.
contractually I'm at falt as I sighned and agreed ,but doesn't the Realetor representing me have any responsibility to remind me ?
Customer: replied 1 year ago.
can we put a hold on the property !as they will sell easily according to my Realetor
Expert:  LegalKnowledge replied 1 year ago.

Thank you for the additional information. Unless funding was a condition to the contract and sale, you can not just back out at this time and if you do, are subject to losing the $2500. The contract is going to control and it should not have been signed unless you understood and knew about the terms and conditions contained within. The Realtor should be acting in your best interest but they do not have to remind you of the time which you have to back out. That is your responsibility at the end of the day and to be honest, the last thing the realtor wants to happen is that you do not close, since they will not get paid. As far as the issue with the hold, you can always ask for the seller to extend the closing date and allow you more time and if they will, can still proceed and buy it.

Expert:  LegalKnowledge replied 1 year ago.

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!

Customer: replied 1 year ago.
I will go to the Texas real estate board and file with them .
Expert:  LegalKnowledge replied 1 year ago.

Yes, if you have a complaint against your Realtor, you can. Please let me know if there is anything else, as I would be happy to respond. If not, please remember to rate my help at this time at the top of this page, prior to leaving, so I can receive the proper credit, for our time together. Thank you.

Expert:  LegalKnowledge replied 1 year ago.

Is there anything else I can answer or clarify for you?

Expert:  LegalKnowledge replied 1 year ago.

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!

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