How long should it take for a mutual release for real estate contract to buy to be signed and returned?
June 1st, 2010 by admin
After the private home inspection, I found that the circuit breaker box is of the same make/model that has been known to be defective and start home fires; the well pump is defective or dying a slow death; many of the 3 prong outlets were not grounded; several of the areas that require GFIs either didn’t have them or they didn’t work; and the wiring to the garage was, exact terms, unsafe and “jerry rigged”.
After having contractors come out and make estimates, I turned all the information over to the seller real estate agent and asked that either the big ticket items get fixed or the price gets lowered.
They offered to “take care of the box and disinfect the well” but to keep it at it’s same cost.
I said no and signed a “Mutual Release of Contract” which was faxed to the seller’s agent last week, however they haven’t signed and returned it.
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Can you say 3 times?
Follow through
Follow through
Follow through
Don’t depend on a realtor.
God, don’t get me started. Again.
If it was faxed to the agent chances are it is sitting in his in box at the receptionist station. Once he checks his folder, he will then contact the seller for a signature. The seller may take his time in signing but once it is signed and returned to the agent, the agent will then give it to escrow and if your copy is already signed then the file will be closed. Now remember that your escrow is not the only one the Escrow Officer is working on so if you are waiting for your earnest money deposit back, that can take two weeks from the day the file closes.
From your avatar, I guess you’re in Texas. What you’re talking about is “Opting Out” of the contract – which you can do during the option period. The seller should sign the release of earnest money form (a separate form from the termination form) and return it to you. I would recommend that your agent (the one representing you, not one from the listing company) fax the termination form to the title company as well, to make sure they are aware that yo did in fact terminate within your allowed time frame.
Note that for you to have this option, you must have paid an option fee in paragraph 23 (that’s not the earnest money – it’s a separate check made out to the seller) and have sent in your termination notice within the allotted time period. If you wait too long, the option period ends automatically and the seller has no obligation to do any repairs.