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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 34799
Experience:  16 years real estate, Realtor. Landlord 26 years
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My real estate agent just informed me that the prospective

Customer Question

Hello-My real estate agent just informed me that the prospective buyers will not provide a copy of the BINSR to us unless we sign an addendum tonight which will extend the escrow date to another month. Is this legal? Today is day 10 of the inspection period and the inspection was done on my house yesterday. If we don't sign for the extension they are threatening to cancel everything. We asked them to put down $5000 nonrefundable earnest money, but they will not. Please advise. Thank you
Submitted: 11 months ago.
Category: Real Estate Law
Expert:  Barrister replied 11 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply,but rest assured, I am working on your question.

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Do they have the unilateral right to terminate the contract and walk away based on the inspection report if they don't like the results?

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thanks

Barrister

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Customer: replied 11 months ago.
barrister, that is my understanding. I have agreed to extend the inspection period by 2 days to cool down the situation. I just got an addendum sent to me to extent the closing by a month, again without having seen the BINSR.
Expert:  Barrister replied 11 months ago.

Ok, then to be honest, they are kind of holding the cards here because if you don't agree, then they can simply terminate the contract, walk, and get their deposit money back.

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So once you agreed to extend the closing, then the negotiations start regarding any repairs or issues that might have arisen..

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With that said, you have to determine whether to accommodate them or to stick to your guns and be prepared for them to walk and start over with a new buyer..

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As an aside, in addition to being an attorney, I have also been a licensed Realtor for over 12 years...

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thanks

Barrister