Legal Question in Real Estate Law in Indiana

There was a purchase agreement signed with $1,000 ernest money. Closing was scheduled for Nov. 27th. I was notified on the 17th the buyer had made an offer on another piece of real estate. They are pushing for me to sign a Mutual Agreement in order to receive the ernest money since they are in default of the contract. My original question was is there a time limit for signing the agreement in order to get the ernest money?


Asked on 11/27/12, 3:10 pm

2 Answers from Attorneys
Jay Rigdon Rockhill Pinnick LLP

No.

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Answered on 11/28/12, 10:23 am
Kenneth Wilk Rubino Ruman Crosmer & Polen

Unless there is a time specified in the agreement, a reasonable time period would apply.

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Answered on 11/28/12, 1:05 pm


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