A buyer and seller are required to exercise good faith and diligence in accordance with the terms of the offer to purchase; see lines 278 to 279 of WB-11. The fact that the buyer has not fulfilled the conditions of the loan commitment does not release the buyer from the offer to purchase. If Buyer fails to comply with its version of the Agreement, one of Seller`s possible remedies is to withhold serious money in accordance with WB-11 lines 281-284. Certainly. Admin. Code § REEB 18.09(1)(b) requires a serious written money withdrawal agreement signed by all parties, not just the seller. According to lines 376 to 394 of the WB-11 residential purchase offer, a broker has nothing to do with serious money 60 days after the scheduled closing date, unless the parties reach a written agreement on the payment of serious money. The broker may want to write a memorandum or letter to the buyer, seller and their respective lawyers underlining lines 376 to 394 and explaining that this is how the serious cash payment should be processed. It is then up to the parties to settle their differences through negotiations or by going to court.
If the parties know that a party has health problems, they may try to expedite the closing of the transaction. Lines 298 to 300 of the WB-11 Residential Purchase Offer provide that the agreement binds and warrants for the benefit of the offer parties and their legal successors. In the event of the death of a party in the course of a transaction, agents must communicate with the buyer and the seller`s estate representative about the transaction and proceed in accordance with the instructions of the parties or the legal counsel representing the estate. The transaction may be blocked for a period of time until the data subject is granted the appropriate authority to act as the seller`s legal successor. The legal counsel of an estate determines how to proceed with the administration of the estate and the closing or, if all parties agree, the termination of the transaction. The buyer applied for his loan and provided a loan commitment, which was submitted with the required written power of attorney. The buyer has not fulfilled the conditions of the loan commitment, so the lender will not finance the purchase. The buyer requested an extension, but the seller refused, and now the closing date has expired.
The seller demands that the serious money be returned, and the buyer is gone MIA. .