Buyer EMD Made but Not Within Timeframe

[Account Closed]

I am selling a vacant lot using the standard Florida VAC-14 contract. The buyer made the escrow deposit but was made several days after the 3-day timeframe specified (6 business days/8 calendar days). As the seller, I am considering cancelling the contract for buyer default but am not seeking to retain the deposit. I only want to know if this situation is a legal course of action (cancelling the contract) from the seller's position. My only real concern is wanting to work with a buyer that is timely and being able to complete the sale. Thank you.

[Tom Gimer]

FL VAC-14 is not a "time is of the essence" agreement. So was a 3 day delay on the EMD material?

Even if material, the buyer may have a good argument that acceptance of the deposit several days after the due date without the seller having first terminated the agreement acts as a waiver.

As a buyer faced with losing the deal over this issue I might sue and cloud title.

Research the Prior Breach Doctrine. Good luck.