Posted by Ken L on September 26, 1999 at 17:42:13:
This is by no means a legal opinion, but in reading most PM offers the deposit goes to the seller if the transactions is not completed. The part of the purchase price goes back to the buyer in that it was not part of the deposit. One would hope that there would be escrow instructions to that affect anyway. If not, who knows?
Real Estate Sales Contract for Home and Acreage Discussion - Posted by Delaney
Posted by Delaney on September 22, 1999 at 05:33:47:
An offer absent of contingencies was made by the buyer and accepted by the seller. A small Ernest money deposit was made and placed in escrow awaiting an established closing date. As the closing date approached the buyer intiated a request for a ninety (90) day extension of the closing date. It was agreed that an extension would be granted provided the buyer place one third of the total purchase price in escrow. The buyer agreed and delivered the money to the broker for deposit to the escrow account. The closing date approaches with some reason to believe the buyer is still short of money to meet the contract commitment.
Questions:
l. Is specific performance available to the seller?
If the buyer defaults, does the earnest money in escrow to to the seller, without litigation?
What are suggested options for the seller?
Thank you.