Is This Agreement Still Valid?
I signed a purchase agreement with a buyer for my house. The agreement stated it was valid for 2 days. We both signed, but the deposit that is specified in the agreement has not been delivered to the escrow company. Does that invalidate the agreement? I am still getting offers and do not want to turn buyers away if I do not have to.
Additionally, the Buyer called back 2 hours after we signed the purchase agreememnt and asked to have a contigency for appraisal. The purchase agreement had no such contingency on it. Do I have to allow this?
Thanks in advance.
Hi Nancy,
The contract does not apply a time period specifically to the delivery of the deposit. However, there is a time constraint for the entire agreement in this item:
"This offer will terminate if not accepted before 07/21/05."
That acceptance date has passed without the specified deposit rendered. In my mind, the buyer has failed to perform, allowing me to accept offeers from others. Does this sound right?
(PS I will review this with an RE attorney before proceeding)
Time for acceptance is the date that the buyer or seller has to accept the contract or it is not enforced. If both parties have signed the contract then it has been accepted. Not sure what contract you used but if there is financing involved they may be able to get out on a financing contigency depending on state laws and the contract.