Seller won't sign termination agreement - help!

[Jessica Giles]

Hi all, I just sold a property and am in my 45 day window with a 1031 exchange to identify a new one. I did so early on and went under contract, but the inspection revealed MAJOR structural issues that cause use to terminate under our inspection out. Unfortunately, the seller's agent has been very aloof and non-responsive from day 1, and the last we heard was that the seller wanted to consult w his lawyer and refused to sign our mutual termination agreement. I have $4k in stuck escrow, but the bigger issue is that I can't make any new offers and am under the gun with my exchange. Any experience with this? Do I need to get an attorney involved? Do you know one in St Louis?

[Wayne Brooks]

Quote from @Jessica Giles:

Hi all, I just sold a property and am in my 45 day window with a 1031 exchange to identify a new one. I did so early on and went under contract, but the inspection revealed MAJOR structural issues that cause use to terminate under our inspection out. Unfortunately, the seller's agent has been very aloof and non-responsive from day 1, and the last we heard was that the seller wanted to consult w his lawyer and refused to sign our mutual termination agreement. I have $4k in stuck escrow, but the bigger issue is that I can't make any new offers and am under the gun with my exchange. Any experience with this? Do I need to get an attorney involved? Do you know one in St Louis?

Nothing stops you from offering and closing on other properties. I assume you sent a Notice of Termination as per allowed in your inspection contingency. The fact that the seller hasn’t signed a mutual termination/release of EM is irrelevant.