If a buyer terminates under the inspection but they missed the deadline for termination, can they submit another termination notice using insurability?

Get Legal Help Today

 Secured with SHA-256 Encryption

If a buyer terminates under the inspection but they missed the deadline for termination, can they submit another termination notice using insurability?

the inspection objection was submitted but unfortunately was not sent to the
listing agent. The deadline was missed and the sellers came back with a
resolution, on time, that was not acceptable to the buyers. They terminated based
on inspection. The listing agent said they could not and said the earnest money
has to be forfeited to the sellers. The buyers submitted another termination
notice using the insurance contingency within the contract deadline. The buyers
are being told once they submit a termination notice they cannot present another
one. Why?

Asked on October 1, 2019 under Real Estate Law, Colorado

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 1 year ago | Contributor

1) Continencies are contractual terms, so if the buyers did not comply with the terms of the contingency (e.g. missed a deadline), they are not entitled to terminate and get their deposit back. Contractual terms are enforced as per their plain languange, or what they say.
2) However, there is no restriction on how many termination notices, on how many or what grounds, may be submitted: there can be multiple grounds for termination. If the buyers complied with the "insurance contingency," then they can terminated and get their deposit back. If they don't, they could sue the seller to enforce the terms of the contingency.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption