Legal Question in Real Estate Law in Pennsylvania
Due Diligence
I have an agreement of sale . The buyer/invetmnegt co backed out and wants the deposit back. They said they are /exercising their right of Due diligence. I disclosed all damages to them prior to them signing the agreement. They did not see the property until after they signed the agreement of sale.
I told them I would not sign the termination agreement until teh deposit was released to me that is held in Escrow. Do they have the right to get the deposit back?
2 Answers from Attorneys
Re: Due Diligence
It depends on the agreement of sale. If there was a due diligence clause, it depends on the language of that clause. It may authorize them to terminate for any reason before a certain date.
I trust this answers your question but feel free to call or E-mail me on a free initial basis
Re: Due Diligence
It depends on what the agreement of sale says about the buyer's right to conduct due diligence, the time provided to do that, and how and when the agreement may be canceled by the buyer, if at all.
If there is a Realtor involved, the Realtor may be able to answer that question by showing you the paragraph[s] of the agreement that cover it, but you should probably consult with an experienced real estate lawyer in the county where the property is located.
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