Yes, you have to honor all existing agreements. 

We can close it but I would recommend having another attorney draft the agreement (we can make a referral if that would help).

We do not have an operating agreement in place to spell out how our partnership ends. 

In a 1031 exchange I had to hammer both with  threats due to the agreement to cooperate and the constant surprises of new partners and unfilled liens with an approaching lapse of the 180 day limit. 

Oh, he can try to sue, but he will get no where.Also is this agreement to send you weekly invoices stated in writing anywhere?

They will supposedly first pay you back your initial earnest money with interest within four weeks of signing their NEW RELEASE AGREEMENTS as a show of good faith if you get in touch with their attorney (send me a private message so I can send you instructions to get in contact with their attorney), and then the remaining outstanding deposit with interest within two months after that.

We require all tenants in our lease agreements to have renters insurance that specifically covers liability if their dog bites someone on our property (for those breeds of dog we permit a tenant to keep on the property). 

And as the OP stated, their agreement is not formalized. 

There are protections under MD Loss Mitigation Laws already afforded to those who are 60 days past due on their loans, and to those who are not capable of comprehending and consenting to sign a contract,  but if you go to an ADULT who owns a home and who is not in pre-foreclosure in MD and has his mental faculties INTACT, then you can make an offer (which should be for the wholesale value minus a fee you will be adding to your assignment agreement), and it's perfectly legal thing to do.

**Essential Clauses**: What are the must-have clauses in a medium-term rental agreement?