Seller is in default for a house contract because they failed to close on time and they failed to do the necessary repairs based on the house inspection report that they agreed to. Now they are asking for contract release and are only willing to refund the earnest money back to us not the damages for house inspection and appraisal. If we, the buyer, refuse to sign the contract release, what is the consequence?
1 Answer from Attorneys
Your counteroffer for such release should include not only your demand for a refund of your earnest monies but also reimbursement for your funds expended for the inspection as well as the appraisal (in my opinion).
After all, it is the seller who apparently breached the contract rather than you