Jan. 25, 2010
Dear George: I submitted a contract to my REALTOR® to purchase a condo for $150,000 cash. The seller's REALTOR® asked that I provide evidence that I have the funds before the seller would consider signing the contract. I delivered proof that I had the necessary funds three days ago, but the seller still hasn't signed or rejected the contract. I think the seller is hoping for a better offer. Did I just share confidential information for no reason? Can the seller delay a contract like this?
Answer: Asking for proof of funds is a common and prudent action for a seller to take. A bank is usually asked to provide a letter stating that as of a certain date, the buyer has X amount of dollars available for closing. There isn't anything that compels you to actually pay it to the seller. A seller can delay responding to your offer as long as the seller wants. However, the seller and his REALTOR® risk that a buyer like you will terminate your offer and walk away.
Dear George: I signed a contract to purchase a condominium from a builder. The condo wasn't completed at closing, and I found many problems with the parts that were finished: warped doors, loose bannisters and hand rails, paint spills, cracked ceilings, loose light fixtures, etc. I walked away from the contract, and my lawyer asked the builder in writing to return my $5,000 deposit. I haven't heard from the builder, so I'm planning to go to arbitration as per my signed contract. I will represent myself, since the expense of having my lawyer do this would be more than the benefit. What's the best way to approach my case and recover
my $5,000?
Answer: Here are some tips:
E-mail a question to ask George & Chuck or fax it to 713-978-6684. The answers to questions in this column do not contain legal advice. If you wish to obtain legal advice, you should consult your own attorney.
