Waiting for Signed Termination Agreement

[marcf]

What is the name of your state? New Mexico

As the Buyer, if the Seller has defaulted, how long am I required to wait for the Seller to sign the Termination Agreement (Mutual)?

[BradleyS]

RE Broker in Kansas:


Check with a lawyer but if someone defaulted, the contract may already be terminated. Signing a termination agreement may be just a formality.

Now the release of the earnest money is totally different.

I would guess in most states, the only way earnest money can be released is the following:

1. The contract has to close.
2. The buyer and seller have to agree upon the disbursement.
3. A court order.

Your contract should have a paragraph explaining earnest money disbursement.

Are you currently using a real estate agent or REALTOR????