Buyer Default in FL

[RosieWood]

I life in Florida - we accepted an offer for 25 acres of land - it was a cash sale with no contingencies, evidently the buyers decided to get financing and needed additional time. They requested 30 day extension, we said no, they requested 5 more days, we agreed if they put an additional $5K in escrow which they did (total of $10K). 3 days later they called the agent and asked for written approval to cross the neighbors land to a nature preserve nearby (claiming that the Agent told them the neighboring property was commonly used as access and would be no problem) He of course said he couldn't give them written approval - that would be needed from the neighbor (who after the fact would not give it). So now they claim he misrepresented the accessability to the nature preserve - The agent denies having told them this and there is NO printed sales documentation stating that it had access. (FYI they intended to use the land as a horse training facility, explaining their desire for access to the trails in the nature preserve).We as the sellers fulfilled all of our responsibilities. They did not show up at the closing. They threatened a law suit, we received a written notice from their attorney demanding the return of their ernest monies. That was months ago. My agent says it is a clear- cut case, they defaulted, but according to Florida state law both the seller and buyer must agree to release the funds in escrow, they won't release the funds to us. Must we sue them? The monies are held by the title company, not the broker, so we cannot appeal to the state licensing board. Does anyone know if there is a statue of limitations on suing for liquidated damages? Doesn't the Title company have some responsibility to resolve the issue? At this point we are in limbo - I have spoken to two attorneys, but get the distinct impression that there is no clear cut way to approach the issue and that we could have tremendious legal expenses in an attempt to get what I believe we are entitled to. I'd appreciate any suggestions!!!
Thanks,
Rosie

[JETX]

Originally Posted by RosieWood

Must we sue them?

Sounds like it. If your agreement in fact doesn't provide another way to force release of escrow (strange??), then you will have to get a court order to do so.

Does anyone know if there is a statue of limitations on suing for liquidated damages?

Five years.

Florida code:
95.11 Limitations other than for the recovery of real property.--Actions other than for recovery of real property shall be commenced as follows:

(1) WITHIN TWENTY YEARS.--An action on a judgment or decree of a court of record in this state.

(2) WITHIN FIVE YEARS.--

(a) An action on a judgment or decree of any court, not of record, of this state or any court of the United States, any other state or territory in the United States, or a foreign country.

(b) A legal or equitable action on a contract, obligation, or liability founded on a written instrument, except for an action to enforce a claim against a payment bond, which shall be governed by the applicable provisions of ss. 255.05(10) and 713.23(1)(e).

Doesn't the Title company have some responsibility to resolve the issue?

Nope.

[RosieWood]

[quote=JETX]Sounds like it. If your agreement in fact doesn't provide another way to force release of escrow (strange??), then you will have to get a court order to do so.

The contracts failure of performance clause states:
If Buyer fails to perform this contract within the time specified,...deposits paid by Buyer and deposits agreed to be paid may be recovered and retained by and for the account of Seller as agreed upon liquidated damages, consideration for the execution of this Contract and in full settlement of any claims:...

Does it need to be more specific as to how this is to be done?

[JETX]

[quote=RosieWood]

Originally Posted by JETX

Sounds like it. If your agreement in fact doesn't provide another way to force release of escrow (strange??), then you will have to get a court order to do so.

The contracts failure of performance clause states:
If Buyer fails to perform this contract within the time specified,...deposits paid by Buyer and deposits agreed to be paid may be recovered and retained by and for the account of Seller as agreed upon liquidated damages, consideration for the execution of this Contract and in full settlement of any claims:...

Does it need to be more specific as to how this is to be done?

Why didn't you provide that clause in your original post and save all of us a lot of time?? Sorry, but an online forum does not provide the ability to read the documents you have... take them to a local attorney and he/she can read them, in their ENTIRETY, and advise what options you might have.

[HomeGuru]

I agree with the repsonse from JETX, in its ENTIRETY.