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Failure to tender deposit

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fupayme

Guest
What is the name of your state?OH

I am a seller of a portfolio of 40+ single family homes. The purchase agreement calls for a deposit to be tendered upon acceptance of the agreement.

I have been in contact with the buyers agent multiple times. The inspection period has expired and after multiple attempts to obtain the deposit, excuses continue.

Is the agreement bound even though the deposit has not been delievered? In the event that the deposit was delivered, the contract would now be deemed contingency free.

Can we send a demand for the deposit and if not delivered, sue for damages? At this point, we are asserting that the agreement was bound and that the buyer is obligated to remit the deposit. If they do not close, it is what it is. Either way we have an action for the deposit, remited or not. We believe that our continued request for the deposit throughout the period of the contract does not waive the buyers obligation even though the deposit was not forwarded on time.

????
 


HomeGuru

Senior Member
fupayme said:
What is the name of your state?OH

I am a seller of a portfolio of 40+ single family homes. The purchase agreement calls for a deposit to be tendered upon acceptance of the agreement.

I have been in contact with the buyers agent multiple times. The inspection period has expired and after multiple attempts to obtain the deposit, excuses continue.

Is the agreement bound even though the deposit has not been delievered? In the event that the deposit was delivered, the contract would now be deemed contingency free.

Can we send a demand for the deposit and if not delivered, sue for damages? At this point, we are asserting that the agreement was bound and that the buyer is obligated to remit the deposit. If they do not close, it is what it is. Either way we have an action for the deposit, remited or not. We believe that our continued request for the deposit throughout the period of the contract does not waive the buyers obligation even though the deposit was not forwarded on time.

????

**A: I am curious as to why you do not have an attorney being that you have a huge portfolio of property that you are selling. Something just does not sound right here.
 
F

fupayme

Guest
Who said anything about not having an attorney? I have a couple of them and actually DO know the answer to the question. I knew it before I asked and so did my crack legal team.

The reason for the post was two-fold.

1. To see if the forum was worth anything or just a place for people to criticize others. I guess that was answered.

2. Hopefully to receive a creative solution to the problem utilizing the experience of others who supposedly can provide a different viewpoint. I guess so far I have been screwed on both counts.

Do you have a suggestion ?
 
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F

fupayme

Guest
Great, I might be full of it. I might also really know my business inside and out. Who knows? I might even have needed to have half a clue to structure the question...........

The fact remains that you still have not provided a shred of positive anything to the forum on this one.

I would expect something revolutionary from anyone calling themself a guru.
 
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LindaP777

Senior Member
fupayme said:
Who said anything about not having an attorney? I have a couple of them and actually DO know the answer to the question. I knew it before I asked and so did my crack legal team.

Do you have a suggestion ?
OUCH!!! I guess they're letting anyone in the door now-a-days! Some people don't think twice about wasting other peoples time.

Bid this person adieu.
 
Last edited by a moderator:

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