Investor · Denver, CO · Member since 2016 · 14 posts · 7 votes
I have been under contract for a property which I negotiated through a wholesaler. I provided earnest money the same day and signed a contract to close on the 28th of January.
The title company then rescheduled the closing to the 31st, however, as of the 31st, a city lien continues to exist on the property and clean title could not be provided. The title company is now claiming they have 90 days to remedy this and I'm not entitled to terminate and receive my earnest money back.
I've signed no documents indicating there is a 90 day period for them to cure the title issue and feel like I've upheld all my legal obligations and I'm entitled to the return of the earnest money. Certainly not expecting legal advice, but curious regarding other opinions on my options in this scenario.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
6y
The title company has no “rights” under the contract.....the buyer and seller have rights and obligations. The allowed period to cure title defects should be addressed specifically in the contract. If not, generally no right exists.