Show up or put up!
Entering into an agreement to purchase property depends on both buyer and seller to perform. Once contingencies are removed and deadlines have passed, the expectation is to move forward to the closing table.
What happens when the buyer fails to show up as scheduled to sign at closing?
Some things the Seller can do when a Buyer is in breach of the REPC:
(a) cancel the REPC and keep the Earnest Money or Deposits
(b) keep the Earnest Money amount or Deposits in trust and sue Buyer for non-performance
(c) return the Earnest Money amount or Deposits and contact an attorney to pursue further
Every circumstance is different and sometimes buyers simply get cold feet, becoming paralyzed by creeping doubt. That is not a valid reason to forfeit contractual duty to the real estate transaction, however.
Staying true to the 4-corners of the Real Estate Purchase Contract is expected. It is a legal and binding document, determining the rights, remedies and necessary steps to take when a buyer fails to show up at closing.
* This post pertains to Utah. Real estate laws, contracts and rules differ from state to state.
Happy sales all!
..........................................................
Questions about buying or selling a home in southern Utah? Please contact me at 435.632.9374 or wanda@buynsellutah.com. Glad to help with your residential real estate needs because Wanda Can!
Comments(12)