My seller’s contract didn’t close by the date specified in the contract. He and the buyer blame each other, and both want the earnest money. The contract hasn’t been terminated yet, but my client wants to put the property back on the market. What should I do?

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  • My seller’s contract didn’t close by the date specified in the contract. He and the buyer blame each other, and both want the earnest money. The contract hasn’t been terminated yet, but my client wants to put the property back on the market. What should I do?

Have your client talk to an attorney about the legal liabilities of proceeding with a sale without the termination of the original contract. Remember, there are two ways to formally terminate a contract:

1. The parties can agree to terminate and sign a document like Release of Earnest Money(TAR 1904) that releases both parties from further obligations under the contract.

2. A judge can order a contract termination.

Source: TAR

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