Buyer Default On Real Estate Contract at Buying

Buyer Default On Real Estate Contract. In the event that the buyer defaults, the buyer shall forfeit Normally, default occurs after all the contingencies have been removed from the contract.

Your sales contract should spell out what rights and remedies you have if your buyer is in default. This is referred to as the “earnest money deposit”. When the seller is ready, willing, and able to sell the property and where there is a buyer default on a real estate contract and the buyer refuses to close on the sale (for a reason not excused by a contingency), the seller has the right to terminate the contract and keep the earnest money payment.

Connie St. James, Realtor, C21 Cornerstone, Nevada and

If buyer defaults under this contract after the review period, and such default continues for ten (10) days following written notice from the company (provided no notice shall extend the time for closing), then at the election of a majority of the interest owners by written notice to buyer, this contract shall be terminated and of no effect, in which event the earnest. You really have to find out why your buyer's did not show up at the closing. Snell, jr., llc, located in lexington, south carolina, is a real estate litigation law firm that can assist you in the event that a purchaser has defaulted on your sales contract. When the seller is ready, willing, and able to sell the property and where there is a buyer default on a real estate contract and the buyer refuses to close on the sale (for a reason not excused by a contingency), the seller has the right to terminate the contract and keep the earnest money payment.