Legal Question in Real Estate Law in Georgia
We were under contract to sell our house, but buyer could not obtain financing so we terminated contract. There was no financing contingency and no language in purchase & sale agreement that states buyer receives earnest money back. Is there a time limit for when buyer has to sign T&R after receiving it from us and is there a time limit on when earnest money is delivered to us the seller? We have another offer on the house and cannot enter a new contract until the buyer signs off on the T&R.
2 Answers from Attorneys
It sounds like you made an incredibly bad goof in not hiring a lawyer to review a sales contract before it is signed. Both parties ALWAYS need to do that and the cost is tiny.
In not doing that you will need to pay more now to retain a lawyer to read the contract, see if you have an out, and then assist you if you do. You may or may not have an easy out.
If there was no contingency about the financing, you might have had a case for breach of contract. But, since, as you said, you terminated the contract, that may be out the window. Consult with a local attorney.
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