If you missed the first post on this subject, please read Is it a Contract? before you continue here.
The latest is that the seller's attorney as written to the buyer and said the seller intended to sue, but that according to the contract, the parties must go through mediation first. This letter suggested 3 attorneys that the seller would approve as a mediator.
BTW, in my opinion, there is no contract because the closing date (Time is of the Essence) has passed as well as the 10 day extension in the contract (Time is of the Essence) has passed.
The builder is accusing the buyer of not proceeding in a timely manner through the process.
To this date, there is still no CO for the property.
We are researching the mediation process of the NAR because this is what the contract calls for. Tomorrow, Monday, we will be able to get the information we need so that we can advise the buyer (we,of course,have advised the buyer to obtain an attorney).
The saga will continue.
Co-founder of AgentOwned Realty
Liz@AgentOwned.com
843-725-5007
The AgentOwned Realty serves your real estate needs for:
Isle of Palms, Sullivan's Island, Daniel Island, North Charleston,
Summerville,Goose Creek, Moncks Corner, Santee, Manning, Sumter, Florence, & Myrtle Beach, all in South Carolina
Copyright © 2009 By Liz Loadholt, All Rights Reserved. This post may be re-blogged only with a link back to this post.*Is It A Contract - Part 2*
wow, I thought after the 10 day, you actually had a full 30 if the party who caused the transaction not to close was actively trying to get it closed...hmmm, not sure with the New Construction end of it...good luck
I don't know your contracts. Here we have a 3 day cure period to fix any problems. If the cure period notice is delivered the offending party has 3 days to close escrow, remove contingencies or whatever. If they do not the escrow can be cancelled by the party who has been injured.
What I would be quite concerned about are the appliances the buyer installed before close of escrow. - That would be an absolute no no no here. What a nightmare for that buyer. Good luck and keep us posted.
I hope your buyer has something like pre-paid legal or this could get expensive. But, I like you don't think the seller has a case at all!
Melissa ---- that used to be the case before SC began putting "time of the essence" in our contracts. Now, we need an extension in order to keep the contract solid. Thanks for stopping by.
Anna ----actually, our contract does have a 5 day cure period and the buyer had an attorney send a letter. Thanks for stopping by.
Todd ---- Thanks for stopping by --- you are right, this can get expensive and the buyer will suffer.
There are a lot of people out there who are getting desperate and grasping at any straw that they can. This sounds like a case where the builder is a little desperate if you ask me.
JL ---- I have to agree with you --- I hate for my buyer to have to go through this legal process.
Builder knows he doesn't have a case but an attorney will persude him otherwise.
Robert ---- thanks so much for stopping by and for your comment --I'm sure the outcome of this will be interesting.
