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Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 36380
Experience:  Texas Attorney for 30 years dealing in real estate
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I didnt remove contigency and I looking forward to decline

Customer Question

I didnt remove contigency and I looking forward to decline the deal what should I do
Submitted: 4 months ago.
Category: Real Estate Law
Expert:  Ray replied 4 months ago.

Hi and welcome to JA. Ray here to help you today.

Can you give me more information, are you the seller here and is there a signed contract, some more information please, thanks.

Customer: replied 4 months ago.
There is contigency of finance and we didn't remove today so my dad would not like to proceed with deal what can we do. We are the buyer. Yes there is signed contract with colliers.
Expert:  Ray replied 4 months ago.

In this case you need to resolve it with seller.The contract here sets out rights and liabilities.The seller here may agree to tear it up an seek another buyer.You will need the seller to agree to terminate here if you signed a contract and there was earnest money put down.There is no cooling off period here for a real estate sale.All you can do is try to resolve it with the seller.

Customer: replied 4 months ago.
We didn't get our finance approved can't we back up?
Expert:  Ray replied 4 months ago.










After Acceptance, Buyer shall, as specified in paragraph 14, in writing


remove the loan contingency or

cancel this Agreement.

If there is an appraisal contingency, removal of the loan contingency shall not be deemed removal of the

appraisal contingency.


NO LOAN CONTINGENCy: Obtaining any loan specified above is NOT a contingency of this Agreement. If Buyer does

not obtain the loan and as a result Buyer does not purchase the Property, Seller may be entitled to Buyer’s deposit or other legal


Seller here if there was no contingency can agree to keep the earnest money to terminate.

Expert:  Ray replied 4 months ago.

Item 3, 4 have the contingency, if it wasn't checked and initialed here you will need seller to agree to resolve this.Earnest money likely would go to seller here if they let you out.

I wish you the best here, see if seller will resolve it with you.

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