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REAL ESTATE Question?
I have a problem here..
About 3 weeks ago, I was about to close a Real Estate contract in which I was selling a small lot in the state of New Mexico. The thing is that the Settlement date passed and the transaction did not close. To be honest, I am no longer interested in selling the property for the same price anymore. So then, I called the title company to find out how my buyer could get his earnest money back. Well, they needed a termination of contract agreement in order to release the money.
My question is: If the Buyer doesnt want to sign the termination of contract, what's going to happen? What are my options? What should I do?
Thanks in Advance!
- 1 decade agoFavorite Answer
90% of our agency's sales are done on real estate contracts up here north of Santa Fe New Mexico.
If the contract to purchase is silent as to the answer to your question, the title company simply holds the earnest deposit waiting for a termination agreement. If the termination agreement can not be acquired for whatever reason and no one acts on it within a reasonable period of time, then the title company at some point will ask a judge for a resolution of what to do with the earnest deposit. (trust account issue)
- sylviavnpttnLv 51 decade ago
Take a look at your conotract- it should state when the close of escrow will be. If you did nt receive any paper trail from the escrow company stating an extension to close then the buyer is OUT OF CONTRACT- have your agent write up the paper work- submit to buyers agent for signatures. Once this is completed the earnest money will be released. End of story.
- Anonymous1 decade ago
This depends upon the state the property is in in this case NM
I know here in NC, unless the contract says other wise that money is yours.
Talk with a real estate attorney or a broker
- Anonymous1 decade ago
Why didn't the transaction close and they become the new owners? Did they refuse to finish purchasing the property? You would think if they decided not to purchase the land then you could do whatever you wanted with it and the deal you made with them expired on the day after escrow was to close. GOOD LUCK