Expert: Jessica Bryan - 3/23/2010

Question
Our house is currently under a "As Is" Contract for Sale and Purchase in Miami Florida. Buyer was scheduled to complete home inspection 5 days after signing it that was 3/4/2010, it's 3/22/2010 and this has not happened yet. I believe that by law they only had 10 days to comply with this contigency, that's what I have read online. Is that correct? Property is also located in a homeowner's association development so buyer will need to be approved for him to buy the unit. Our real estate agent doesn't even know if the buyer has even applied yet. Closing date is schedule for 4/8 and I'm kind a worried since none of these contigencies have been met as of today's date, we also haven't found a place to move out to. What are our rights at this point in regards to the contingencies and delaying the closing date?

Answer
Dear Lucy;
Your buyer is in breach of contract and needs to be notified in writing that they have to comply with the contract within a certain amount of days from the delivered written notice.  If they do not comply the contract will be canceled and they will have to forfeit any deposits already paid.  Each state is a little different regarding the legal procedures and timing of these.  However, in all contracts, if the Buyer doesn't comply with the terms of the agreement the contract can be canceled, money kept and the Sellers can also pursue additional legal recourse like suing for damages.  Since your home may have missed another potential sale, you have been damaged by the Buyer's non-performance.  If you have questions about your legal rights and/or how to go about legal action, consult an attorney.

Best wishes,
Jessica Bryan