Seller missed delivering reports in time

[Netspeed]

What is the name of your state (only U.S. law)? CA
I've got a client buying an REO. Counteroffer was sent in and accepted on Dec. 17th with a 10 day timeframe for the delivery of all reports. I called the seller on Jan. 13th to inform them that we still don't have a termite report. They had it inspected and generated a report yesterday (Jan. 14th). Now they're calling me saying that they need the contingencies removed and a Receipt of Reports. Technically, I have 10 days to deliver but seeing that they missed their original timeframe, does my timeframe start when I received the last report? Also, my buyer's financing is being held up the lack of the termite report.

Any and all help is appreciated!

[Cedrus]

What does your Broker/Manager advise?

[Netspeed]

He's unavailable at the moment....

[Netspeed]

Broker says that the 10 day time frame starts when the last report is received. Does anyone dispute this?

[justalayman]

How can we? We don't have the contract in front of us. I can't even see where you got the 10 day time frame for your release of the contingencies.

I see where the other party had a time limit of 10 days:

Counteroffer was sent in and accepted on Dec. 17th with a 10 day timeframe for the delivery of all reports

but you have not said anything about you having a deadline.

In any case, why would you release contingencies that have not been acted upon? Why would you provide a Receipt of Reports when you have not recieved all of the reports?

So, the ultimate question would be; if the contract states you have 10 days to respond, when does the contract state the 10 days start?

[Netspeed]

Everything is based on the acceptance date. Seller has 10 days to deliver "all reports, disclosures, and information". Buyer has 10 days after acceptance to approve "all disclosures, reports, and other applicable information....received from seller". Because they didn't supply the reports in the contacted time frame, our general understanding is that the time frame starts when we receive the last report needed.

[justalayman]

=Netspeed;2148134]Buyer has 10 days after acceptance to approve "all disclosures, reports, and other applicable information....received from seller".

You didn't say this before.

Because they didn't supply the reports in the contacted time frame, our general understanding is that the time frame starts when we receive the last report needed.

You have 10 days from the point that is stated above. It doesn;t matter if they gave them to you in 1 day or 365 days. You have 10 days after they have fulfilled their end of that situation. Using the numbers I just gave, that would mean you have to have your end fulfilled in either 11 days or 375 days from signing the contracts.