Legal Question in Real Estate Law in Pennsylvania
real estate law
When we were unable to meet the terms of the financial contingency of our agreement of sale, we notified our real estate agent 3 days before the contingency date and again the day of the contingency date. We provided proof of our inability to provide a loan 3 days after the contingency date (because of the weekend and we needed to first recieve the paperwork proving we didn't have a loan) but the seller's agent claims we did not act within the contingency terms and are only entitled to half of our 2,000.00 deposit! How could we have acted out of the contingency date if we notified them 3 days before and again the day of the contingency date (the day in between was thanksgiving)!? Are we obligated to give them half because we did not recieve the loan even though we had this clause to protect us?
1 Answer from Attorneys
Re: real estate law
You asked about a real estate contingency.
You may both be right. The question isn't what you communicated to your agent but rather what your agent communicated to the other party.
It was your responsibility to inform your agent and it was your agent's responsibility to inform the seller or seller's agent. If your agent didn't communicate your exercise of the contingency option then it is your agent that failed.
You need to speak with the agent's supervisor about this matter. Agents work for brokers and the broker is the person that is responsible for the bad acts of his/her agents.
No. If you communicated your exercise of the contingency option to your agent then you may be due your entire deposit back. But since your agent probably screwed up the seller will be due the deposit for a failed transaction. The money the other side claims will need to come out of your agent or broker's pocket.
This was based on assumptions given the facts you provided and should be run by an attorney who may look at the facts in more detail.
Regards,
Roger
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