May 14 2008, 11:09 AM
QUOTE(fussion @ May 12 2008, 03:42 PM)
I have a house that i want to sell, so i engage an agent to do this. The agent found a buyer and we agreed to the price. The buyer wants to move in immediately and told me that the S&P he will sign in 3 months time cause the funds will be available then, so he will rent the house until the keys are handed over to him. i agreed, so the agent collected the deposit and i patiently waited.
Now come the end of the 3 months, the buyer wants to delay signing the S&P, which i do not agree. And to make matters worse, the agent told me that only part of the 2% deposit has actually been collected.
I want to ask, should the buyer lose interest in buying the house and decide not to pay the balance of the deposit, can I ask the agent to be accountable for the deposit ?
any legal action i can take here, and is it wise to do so ?
any suggestions on what steps should be taken here ?
If your agent has collected the 2% deposit it means that the document call offer to purchase has been sign by you and the buyer. Please refer back to the offer to purchase and there is a clause which says balance purchase price of 8% has to be paid when sign s&p within 14 days or in your case maybe the clause has been change to 90 days. I think you can proceed from here.Now come the end of the 3 months, the buyer wants to delay signing the S&P, which i do not agree. And to make matters worse, the agent told me that only part of the 2% deposit has actually been collected.
I want to ask, should the buyer lose interest in buying the house and decide not to pay the balance of the deposit, can I ask the agent to be accountable for the deposit ?
any legal action i can take here, and is it wise to do so ?
any suggestions on what steps should be taken here ?
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