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Signed contract to purchase. City had requirements before occupancy, which were seller's obligation. A few days before closing, seller had not complied. As buyer, I was willing to extend, but my mortgage rate lock was fast approaching. The date I wanted, seller would not do. As part of my contract, there was a clause allowing me to terminate, which I opted for as seller was not ready to close on designated date & did not agree to new timeline, one week later. Seller will not return my earnest money. Do I need an attorney to pursue or what is my next step. It has been at least 30 days.
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The first place to look is always the contract which in this case is the Agreement of Sale. It governs all the terms such as termination. Many agreements provide that disputes must be resolved via mediation or arbitration.
There are only 2 ways to obtain a refund, voluntary payment or a legal proceeding. Certainly, your attorney should try the former before resorting to the latter.
I trust this answers your questions, but you are welcome to call or email on a free initial basis.
Matthew R. Nahrgang, Esquire
35 Evansburg Road, Ste 400
Collegeville, PA 19426
610 489-3041 o
610 489-3042 fax
mnahrgang@verizon.net
nahrganglaw.com
Answered on Nov 17th, 2023 at 10:49 AM