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Buying a condo. Had inspection. Based on inspection we

Customer Question
Buying a condo. Had...

Buying a condo. Had inspection. Based on inspection we decided to terminate. My agent missed the deadline for that. What are the consequences?

Lawyer's Assistant: Where is the property located?

Nashville tennessee

Lawyer's Assistant: Has any paperwork been filed?

Do you mean contracts signed ? Yes - we had signed contracts.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Well the opposing agent is saying since we missed the deadline they get to keep all earnest money and he can sue me personally if the condo does not end up selling for our negotiated price. However, If I had stayed in the deal, I would not have paid that price based on all the costs that would have been incurred to fix things. Some of them safety issues.

Submitted: 11 months ago.Category: Real Estate Law
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Answered in 5 minutes by:
9/17/2017
Real Estate Lawyer: Legal Eagle, Lawyer replied 11 months ago
Legal Eagle
Legal Eagle, Lawyer
Category: Real Estate Law
Satisfied Customers: 14,279
Experience: Licensed to practice before state and federal court
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating so all that means is that you can count on me to help today. Do you mind if I take a moment to review your question?

Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only. Additionally, most people believe a phone call is the easiest and most efficient way to handle problems. Accordingly, you will receive an automatic phone call request. If you would like a phone call, please click “Accept” when prompted.

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Real Estate Lawyer: Legal Eagle, Lawyer replied 11 months ago

Generally, unless you agree otherwise to have the seller keep your earnest money, they are not allowed to keep it. There is nothing in the law that allows them to keep it as a result. If they still try to keep it, you could argue that this appears to be a violation of the implied covenant (promise) of good faith and fair dealing. Under the Uniform Commercial Code Section 1-304, every contract comes with implied promises from both parties that they are going to be acting fairly toward one another. You may need to wait until they try to keep it The failure of one party to act fairly toward the other can result in a breach of contract. To facilitate your situation, there’s a site that I’ve used in the past where you can find a good template for advising of a breach of contract (click here). It's a bit easier (and cheaper) than going through litigation and I have seen it be effective in the past. If you send this letter and they do not respond, then you may want to consider bringing a lawsuit after that because it will be clear they will not be willing to settle the issue. You may also have a cause of action against your agent for negligence. Negligence simply means that there was a duty that the other party owed and they breached that duty in some way. What is most important is that it is proven that the defendant breached their duty of care because that is what mostly determines whether there is a cause of action. Basically, the question is, “Did the defendant’s actions fall below the standard of care for a reasonable person in a similar situation?” If the answer to that question is yes, then there is negligence and you are entitled to damages. Damages can be difficult to calculate, but if you click here you can use a calculator help you understand.

Also, although I provided an initial answer, it’s important that you are 100% satisfied. If you feel I have done so, please rate me 5 stars and let me know if you have any follow up questions. As a side note, you can also click here in the future to request me individually.

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