What is the name of your state?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
Thanks,
Rosie