When does a Buyer's Notice to Perform timeframe begin?
Had a friend who sold her out of area home through another agent. The seller's had completed a 24 hour notice for the Buyer's to Perform on Friday 8pm and sent it to their agent to forward to the buyer's agent.
The buyer's did not respond to the notice until Sunday evening (48 hours later). My friend cancelled the escrow on Monday. Now of course, the buyers are threatening to sue.
My first question to her was when did the buyer's agent receive the notice to perform? She wasn't sure but a local real estate attorney informed her that the time began when she emailed the notice to her agent!
And the broker representing her told her the notice to perform is BUSINESS days not calendar days!
Something's fishy here. When I looked at our California Association of Realtors Notice to Perform, it does NOT specify when the timeframe begins, however it DOES have an area for the buyer or buyer's representative to sign acknowledging receipt. There is no indication of the days being represented at business or calendar days.
I did leave a message with the legal department at the California Association of Realtors to get the skinny from them.
Thinking the worse case scenario, what if a buyer's agent and/or buyer declines to acknowledge this notice? I can see where they might string out the deal to their advantage in this manner.
A purchase agreement contract and counter must be acknowledged verbally and/or in writing in order to have acceptance. I would think the same rule applies for a notice to perform. Did my friend get some bad advice? I think she might have!
By the way, her agent and his broker have "washed their hands" from the deal and are no longer representing her. This is a sad situation were the seller's really didn't have to sell and the buyers nitpicked and stalled trying to negotiate a great deal for themselves to the point where the seller's said "enough."