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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 53953
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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TAR RESIDENTAL CONTRACT ;IF A BUYER DOES NOT WISH TO EXTEND

Customer Question

TAR RESIDENTAL CONTRACT ;IF A BUYER DOES NOT WISH TO EXTEND A RESIEDNTAL CONTRACT DUE TO SELLER HAVING LIENS ON THE RESIDENTAL PROPERTY WILL THE TITILE COMPANY REFUND THE EARNEST MONEY WITH OUT DELAY OR CAN THE SELLER PLACE ANY TYPE OF RESTRICTION TO DELY THE REFUND ? THE AGENT FOR SELLER IS DEMANDUING A N EXTENSION SORRY BUT I DOO NOT BELIEV E THE SELELR OR HIS AGENT HAVE ANY RIGHT TO HE EARMENT MONEY IF A CLEAR TITLE CAN NOT BE PRODUCED.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.
Hi! My name is ***** ***** I look forward to helping you!
The buyer has no obligation to extend the contract. If there are unacceptable liens which the seller cannot timely clear, the buyer has the right to terminate the contract and is entitled to a full refund of the buyer's deposit. The seller's agent can ask for an extension, but has no right to demand an extension and the buyer certainly has no legal obligation to provide one. The title company is likely to require the seller to agree to a release of the deposit, but if the seller does not voluntarily and timely sign a release, you can file suit against the seller not only for the deposit, but for punitive damages for withholding it in bad faith.
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