Real Estate Contract
We signed contracts and purchased a house with $2,000 earnest money. We bought on a Friday and did a mechanical inspection on Saturday. On the same day, we decided we did not want the house and notified our agent. We have signed a document that we have cancelled the house contract due to the inspection, which included some fill dirt around the base of house and some shingles needed to be repaired/preplaced.
Can we get the earnest money back?
Can contract be broken?
The broker of our agent wants 3% commission on a $175,000 house we bought from sell by owner. We did not use our agent. Can they do this?
Can seller sue?
What about the 72 hour cooling down period law?
1 Answer from Attorneys
Re: Real Estate Contract
There is no cooling down period for real estate in Kansas. If your original contract had the right language it would be possible to cancel as a result of the inspection. However, the broker of your agent has a valid assertion. His agent sold you a house. You signed the contract. If he can prove the real reason you backed out of your original purchase was that you got a better buy, than you owe him a commission on at least the original purchase. The seller can probably keep the earnest money for damages or sue for specific performance. There are many possibilities. You should have sought the counsel of either an attorney or buyers agent before entering into a situation like this. Often the money you save avoiding services ends up costing much more time, headache and money in the long run. Now, you should contact a real estate attorney promtly.
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