Investor · Union City, CA · Member since 2016 · 3 posts · 0 votes
I am the seller and the buy has not removed his contingencies by the specified date. I had already granted a 10 day extension and his loan has not been approved nor has he removed the loan contingency by the extended date. Assuming the standard California Realtors standard Purchase agreement, Am I entitled to collect his deposit? My realtor says I am not and If we issue a notice to perform we will not collect the deposit which doesn't make sense to me.
What does the purchase and sale agreement say? There should be pretty specific language about what happens to the earnest money if contingencies aren't met. Can you post the relevant language from the contract?