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Updated almost 8 years ago on . Most recent reply

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41
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Drake Espenlaub
  • Investor
  • Evansville, IN
21
Votes |
41
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New Agent Trying to Exit contract

Drake Espenlaub
  • Investor
  • Evansville, IN
Posted

Will try to keep it brief, I obviously understand no one can provide direct law advice, but my main question is.

If I was not provided a signed purchase agreement before the expiration of the purchase agreement by the listing agent, but we had verbally spoke and texted to set up inspections, had the property inspected; is the contract still valid even if I was never provided a copy? I assume he has a signed contract. Short story, my buyer couldn't get over water in a crawl space that was disclosed as "small amount" she viewed 3 inches as a significant amount. I went into said crawl space and personally took videos.  She believes she should get all $500 of her earnest money returned. 

Long story is...

House under contract, I was never provided a signed purchase agreement, continued with deal, home inspection. I got somewhat poor advice to ask for every little thing to be fixed, in hindsight I would have claimed misrepresentation of of sellers disclosure after inspection and exited the contract asking for mutual release of earnest money. Our response to the inspection which I was never provided a signed response that seller ever saw it, just provided a response to the response. I then sent over mutual release of earnest money, and selling agent is fighting to keep earnest money sent over response to give us half. 

Thoughts? Can I get all the earnest back if it was disclosed as "small amount of water in crawlspace" on sellers disclosure but in reality there was a significant amount without rain on a dry inspection day. Also does buyers agent never receiving a signed purchase agreement have any standing? Assuming listing agent has it filed somewhere just is yet to send it over.

Thanks for the help.

Most Popular Reply

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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
13,509
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23,418
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

If you had an "expiration" on your offer, and you/your agent were not provided one, according to most contracts, you have no contract, or you can rescind prior to reviving an executed contract.

It was silly/negligent to proceed without a signed contract.

We also don't know what your contract said about an inspection clause, and Your requirement to cancel the contract during that period.

Generally, an "inaccurate" or "difference of opinions" about what a disclosure item means, does not nullify a contract.

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