Real Estate

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Watsonville real estate agent pleads no contest that he bilked clients out of …
By JESSICA M. PASKO – Santa Cruz Sentinel SANTA CRUZ – A Watsonville real estate agent accused of bilking clients out of thousands of dollars pleaded no contest Thursday to 15 charges of forgery and embezzlement. Grimaldo L. Sanchez, 29, …
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AME Info, Abu Dhabi, United Arab Emirates, real estate briefs
REAL ESTATE SALES IN KUWAIT REMAIN FLAT IN MARCH: According to a report by the National Bank of Kuwait (NBK), real estate sales last March have remained almost flat year-on-year at KD246m, Kuna has reported. Total real estate transactions continue to …
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'Great signs' of a fast-recovering market have arrived
"The older homes that are on beautiful private lots that are considered knock-downs or homes that need total refurbishing have also developed into a very large market for River Vale," said Antoinette Gangi, sales associate with Re/Max Real Estate …
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Question by NEIL: In real estate, when a sale is “in contract” with another buyer, must I consider that the deal is closed ?

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Answer by irishbarfight
it would really depend. First, I would want to know if the seller had a “kick-out clause.” This is often used when a home buyer places a house under contract with the understanding that he must sell his current house before finalizing the new purchase. Sellers holding a contract with a kick out clause continue to market the home. If they receive another offer the buyer has a specific amount of time as stipulated in the clause to remove the contingency and move forward to buy the house, whether his existing house is sold or not. If the buyer cannot move forward, the seller can back out of the original contract and sell to the new buyers. I hope this helps!

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Xinyuan Real Estate Co., Ltd. Announces Fourth Quarter and Full Year 2011 …
Contract sales totaled US$ 172.1 million, an 11.3% decrease from US$ 194.1 million recorded in the fourth quarter of 2010, and 33.1% decrease from US$ 257.1 million recorded in the third quarter of 2011. Total gross floor area ("GFA") sales were 111900 …
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China HGS Signs Agreement to Sell Multiple Units in its Yangzhou Pearl Garden …
23, 2012 /PRNewswire via COMTEX/ — China HGS Real Estate Inc. (NASDAQ:HGSH) ("China HGS" or "the Company"), one of the largest residential and commercial property developers in China's southern Shaanxi Province, signed an agreement (the "Agreement") …
Read more on MarketWatch (press release)

Phoenix American Financial Services Announces New Client – Virtus Real Estate …
23, 2012 /PRNewswire via COMTEX/ — Phoenix American Financial Services (PAFS) announced today that Virtus Real Estate Capital has signed an agreement with the company. Phoenix American will provide investment administration services to Virtus, …
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Question by singlewhitemalekc70: Can a “Residential Real Estate Sale Contract” be cancelled if Buyer does not produce funds by closing date ?
I have entered into a “Residential Real Estate Sale Contract”(generic contract with fill in the blanks) to sell my home. There is a section entitled “Closing and Possession” which says (clsoing shall be completed on or before) . If the Buyer does not secure funds on delays closing past closing date listed on contract does that release me from the obligation to sell if I choose? Is there an unwritten “reasonable grace period” afforded to the buyer to secure funds past closing date listed on contract?
Sorry for typos. I guess Yahoo doesnt allow editing question once its posted.
The buyer has not put up any earnest money per my request. I thought it might allow me to cancel easier if I changed my mind.

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Answer by R.E. Advice
Not sure what’s the law in your area, but out in NV, the contract would be considered voidable once past the specified close date. One or both parties can initiate a cancellation…..If you really want to cancel out, contact the escrow company (or have your agent do so if applic.), and ask them to draw up a cancellation form.

….You’ll sign it, and the buyers must sign also to cancel that particular escrow. You may be able to market the home again and start another concurrent escrow without breaking a law though. As far as the Earnest Money deposit does, that gets a bit complicated. Usually Earnest money is only forfeited if the buyer defaults……A delay in financing does not = a default automatically. If the circumstance is outside of the buyer’s immediate control, he/she may not be in default of the purchase agreement. Research your contract to see what it notes w/ regard to EMD. I don’t believe there’s such a thing as a reasonable grace period or escrow extension unless it’s in writing, signed by all parties.

But it could be different in your state.

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