Lord Give Me Strength.....

amberlynned

Goodness!
 

Long message below about the negotiations to get our earnest deposit back. Maybe its just me, but the escrow company doesn't really seem like they are being an arbitrary third party... they're arguing the seller's side. Which is very strange... you'd think their agent would be doing this and escrow would be staying out of it wouldn't you?
 

The escrow company sent us this:"Please advise your Buyer to review the Purchase Contract Item 3 H (1)- (4) which refers to contingency periods of 17 days, as nothing else is checked off in this section....Therefore as per Purchase Contract all contingency periods have been exceeded .... Also see Page 5 of 8 #14 A-F & Page 7 of 8 #25 & #26, Fully initialed by all parties. Seller has right to retain deposit for liquidated damages."
 

But then our MB & REA sent them this in return: "There is clearly a failure to understand the contract. Item 3H (1-4)  item 2 states in bold print that obtaining the loan is a contingency of this agreement. The down payment & closing costs are not a contingency. Item 14:  Time periods, removal of contingencies, cancellation rights:  “Any removal of contingencies or cancellation must be……in writing. (CAR form CR or CC) Item 14 (4) : “Even after the end of the time specified, Buyer retains the right to either (1) remove the contingencies in writing  or (2) cancel the agreement”. Item 14C : “if within the time specified, buyer does not, in writing, deliver a removal of contingencies or a cancellation, then the Seller after first delivering a Notice to Buyer to Perform, may cancel this agreement. In such event, Seller shall authorize return of Buyer’s deposit. 
With respect to Liquidated Damages, the buyer is not in default if no contingencies were signed off. The listing agent should have delivered a contingency removal form, then a Notice to Perform, then cancellation. If those steps were not completed, all contingencies remained open & the buyer is entitled to his deposit."

They are both citing the same purchase agreement for both sides of the argument. At what point do I need to get a real estate lawyer? DH and I are thinking if this goes back & forth one last time then it will be time to get one. WDYT?

TysWife2Be

I say talk to a lawyer now instead of waiting...

I have never bought a house or been through this process but to me this seems like there is way too much going on.

At least get some advice and then decide if you want to hire a lawyer from there...

adgenya

I'd probably get a lawyer now as well.

When you all cancelled your offer after the inspection was it within the 17 days? Did you ask for an extension while you were trying to get them to let you get estimates. Usually the contingency is removed after the 17 days but they send a new/updated contract and your REA should've been in charge of this. Do you think you could prove the seller's delayed the process by not letting you get estimates on how much the repairs would be and they delayed the process? 

This sucks. I am sorry you all are going through this. 

PB-Bride2010

I pray everything works out. I agree go ahead and contact your lawyer because there's nothing you'll could do to fix the issue at this point.