Pennsylvania
Our house is for sale in PA. We entered into an Agreement of Sale on Monday and the buyers backed out due to "cold feet" 2 days later on Wednesday. They backed out prior to submitting their deposit and prior to any inspections etc.. According to our contract, they have 5 days to submit the initial deposit and 14 days to submit the rest.
My question is: Even though they have not submitted and money, are they obligated to pay because they breached contract? Or is there a 5 day "cold feet" buffer that allows them to terminate the contract?
Our realtors are asking us to sign a form that lets the buyer off the hook.
We feel there should be consequences since our house went off market for 3 days but we are not sure if its worth pursuing.
Isn't this a binding contract???
Thanks in advance.
Our house is for sale in PA. We entered into an Agreement of Sale on Monday and the buyers backed out due to "cold feet" 2 days later on Wednesday. They backed out prior to submitting their deposit and prior to any inspections etc.. According to our contract, they have 5 days to submit the initial deposit and 14 days to submit the rest.
My question is: Even though they have not submitted and money, are they obligated to pay because they breached contract? Or is there a 5 day "cold feet" buffer that allows them to terminate the contract?
Our realtors are asking us to sign a form that lets the buyer off the hook.
We feel there should be consequences since our house went off market for 3 days but we are not sure if its worth pursuing.
Isn't this a binding contract???
Thanks in advance.