Profile picture for 20974 Oneills Way

a title issue came up right before closing

A title issue came up right before closing.  The buyers want to walk away. Can they get their full EMD back?  The buyers think it will cost a lot to fix the title problem and the house price will decrease.  
  • July 25 2013 - Fairfax
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Answers (2)

Profile picture for CCarron

If you signed the Regional Sales Contract form of the Northern Virginia Association of Realtors (NVAR), title issues are addressed in paragraph 16 on page 4. That paragraph includes the following language: "Title is to be good and marketable, and insurable by a licensed title insurance company with no additional risk premium  Title may be subject to commonly acceptable easements, covenants, conditions and restrictions of record, if any; otherwise, Purchaser may declare this Contract void, unless the defects are of such character that they may be remedied within 30 Days beyond the Settlement Date. In case action is required to perfect the title, such action must be taken promptly by Seller at Seller's expense."  If you signed a contract with that language, and you and the buyers have differing opinions of what that language means, then you should pay an experienced real estate attorney to advise you on your rights and obligations. If my post is helpful, please click the thumbs-up.

  • July 25 2013
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Profile picture for CarrieSiliconValley
Dear user, this is unfortunate. What does the contract say? the laws vary state by state. In California, standard CAR purchase contracts allow for the return of the EMD to the buyer within a specified time period, by default 17 days, should the buyer elect to cancel the transaction. Best of luck.


  • July 25 2013
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