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I didnt remove contigency and I looking forward to decline

Customer Question
the deal what should I...
I didnt remove contigency and I looking forward to decline the deal what should I do
Submitted: 1 year ago.Category: Real Estate Law
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Answered in 2 minutes by:
5/31/2016
Real Estate Lawyer: Ray, Lawyer replied 1 year ago
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 44,501
Experience: Texas Attorney for 30 years dealing in real estate
Verified

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.

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Customer reply replied 1 year 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.
Real Estate Lawyer: Ray, Lawyer replied 1 year 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.

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Customer reply replied 1 year ago
We didn't get our finance approved can't we back up?
Real Estate Lawyer: Ray, Lawyer replied 1 year ago

(3

)

LOAN CONTINGENCy REMOVAL:

Within

21

(or

___

)

Days

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.

(4)

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

remedies.

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

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Real Estate Lawyer: Ray, Lawyer replied 1 year 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.

http://www.car.org/3550/pdf/283726/396788/809175/RPA_11-14_Draft11%28Web_Post%29.pdf

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

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Ray
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 44,501
44,501 Satisfied Customers
Experience: Texas Attorney for 30 years dealing in real estate

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