Legal Question in Real Estate Law in District of Columbia

getting earnest money deposit

My parents signed a new construction condo sales contract in June 2005 (DC property). They want to get out and still receive their deposit ($25,000). In the contract, there is a portion under DELAY that states if the settlement does not occur within 24 months after execution of contract, the purchaser has the option of terminating the contract with written notice. Do I need an attorney to do this or should I go ahead and write them a letter.

Thanks in advance.

David


Asked on 8/23/07, 5:03 pm

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: getting earnest money deposit

Unless you are a party to the contract,

your parents should be the ones issuing such a letter to the seller, rather than you, if they now want out of the contract and more than 24 months have in fact elapsed since they put their signatures on the dotted line, so to speak, and the contract in fact actually contains the proviso which you've described.

Your parents should need an attorney only in the event that their deposit is not timely refunded after their demand has been made.

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Answered on 8/23/07, 5:59 pm


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