Quote:
Originally Posted by retiredguy123
It depends on how the inspection contingency is written. In some cases, the buyer can cancel the sale if they don't like the inspection results. In other cases, the seller has the right to correct certain defects. But, the earnest money deposit is held in escrow by a third party, not by the seller. It is rarely forfeited.
|
There is no inspection contigency when the issue is failure to deliver all of the property described in the contract. The word for that is breach of contract. And the "third party"? That would be "the Villages" closing agency, held in an account at the Villages pet bank, Citizens.
As I said before, contracts are for honest people. They are worthless when dealing with crooks. Fortuantely, they were petty crooks, and all it cost me was a grand or so. My point is that The Villages hold all the cards in these deals, and the only thing they care about is closing the deal. They are certainly not going to let you walk over a cracked window or stolen chair. There is no "Third Party" to enforce the contact, as there would be in any normal real estate transaction.