What is the name of your state? OH
As I stated in my previous post titled "Can seller back out of agreement?" I signed a purchase agreement from a broker in which he agree'd to close on 12/6. The close date came and wen't and we never signed an agreement to extend the closing date. The buyer still doesn't have a commitment for a loan and can't give me a firm closing date.
We requested a mutual release from the buyer/broker, but he refuses. He says that because we signed paperwork so the title company could begin titlework on 12/16 that we agree'd to extend the purchase contract.
The long and short of it is that we have a new cash offer from a buyer who could close quickly and since the existing buyer still has no loan commitment and could easily be denied financing and walk away with his earnest money, we would like to accept the new cash offer.
Is there any truth to the existing buyers claim that we extended the purchase agreement by signing titlework? Can the buyer/broker just refuse to sign a mutual release? Is there anything we can do to force him to sign the release.
Any information or suggestions you can offer is greatly appreciated.
Russ
As I stated in my previous post titled "Can seller back out of agreement?" I signed a purchase agreement from a broker in which he agree'd to close on 12/6. The close date came and wen't and we never signed an agreement to extend the closing date. The buyer still doesn't have a commitment for a loan and can't give me a firm closing date.
We requested a mutual release from the buyer/broker, but he refuses. He says that because we signed paperwork so the title company could begin titlework on 12/16 that we agree'd to extend the purchase contract.
The long and short of it is that we have a new cash offer from a buyer who could close quickly and since the existing buyer still has no loan commitment and could easily be denied financing and walk away with his earnest money, we would like to accept the new cash offer.
Is there any truth to the existing buyers claim that we extended the purchase agreement by signing titlework? Can the buyer/broker just refuse to sign a mutual release? Is there anything we can do to force him to sign the release.
Any information or suggestions you can offer is greatly appreciated.
Russ