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This is my first post here. That is really a funny experience. I was just wondering how “professional” answer this simple, easy and basic question.
Of course this contract is void. First of all, a contract is formed on the acceptance of an offer and communication of the acceptance. When seller sign an offer, ” same time” the buyer changes his mind, this contract is not formed yet because there is no communication of the acceptance.
Second of all, if the buyer refused to deposit the earnest money, this contract is a void contract because it does not meet all of the required elements of a valid contract and, therefore, has no legal effect.
Instead of anwer your question, those "professional" just like to teach something out of the question.
And now the backtracking begins. Please don't act as if you knew the answer all along because it is clear you did not as evidenced by your current post.
The contract was not void, your buyer was in default. You had legally competent adults, offer and acceptance, consideration and the signature of both parties. Your buyer just did not want to fulfill what they agreed to.
Hi, I am a realtor in Florida. I represent a buyer place an offer for a townhouse and seller accepted it. Almost at the same time when the offer became a contract the buyer changed his mind, he refused to deposit the earnest money to escrow account. Is the contract void automatically?Thanks
If you really are a realtor - you would know the answer.
And now the backtracking begins. Please don't act as if you knew the answer all along because it is clear you did not as evidenced by your current post.
The contract was not void, your buyer was in default. You had legally competent adults, offer and acceptance, consideration and the signature of both parties. Your buyer just did not want to fulfill what they agreed to.
Buyers back out of contracts all the time. Buyers remorse. Or they heard something deterimental about the property. If you didn't collect the deposit and open escrow right at the start - that's his bad.
I can understand the OP being confused and needing advice. Being a new agent is intimidating. What I find more frightening is that her BIC didn't know how to answer the question. My greatest suggestion to the OP is to find a new office with a knowledgeable BIC and really good training and education.
As to the original question...the issue is whether the acceptance of the offer was communicated to the OP BEFORE she was able to communicate withdrawal. The original post was not especially clear as whether or not that had happened. She indicated that their was a "contract" but that could have been a matter of using the wrong word. If that was true, then her client was in breech and it's a good think he changed his mind.
And, just my two cents worth - considering the newness of the OP without the support of a competent broker behind her and the flakiness of the client - I will be shocked if this transaction makes it to closing. It sounds like the client needs a lot of hand holding and educating through out the process.
OP - please find the best agent in your office and ask for help in getting this transaction to closing - for your sake and your client.
Buyers back out of contracts all the time. Buyers remorse. Or they heard something deterimental about the property. If you didn't collect the deposit and open escrow right at the start - that's his bad.
I realize buyers back out of contracts all the time which is what I said, the buyer is in default. The contract was not void as the OP suggested.
Hi, I am a realtor in Florida. I represent a buyer place an offer for a townhouse and seller accepted it. Almost at the same time when the offer became a contract the buyer changed his mind, he refused to deposit the earnest money to escrow account. Is the contract void automatically?Thanks
If you're a realtor, why didn't you get the earnest money at the time of the offer? That's SOP.
You must have a broker. You can ask him/her what the rules of your state are.
This whole thing sounds extremely off. Why would you be asking this type of question on a forum?
"non performance". Don't take it any farther. It's not worth it.
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