I received a call from a husband and wife (both attorneys). They had waived their contingencies but felt they had a 3-day period in which to cancel after certain disclosures. But they didn’t want to cancel in case the Seller tried to keep their $100K deposit. They told me they would “reserve their rights to cancel” (no, you must definitively cancel within your 3-day period, not “reserve rights”). They told me they would go into arbitration and “tie up the property”. (No, a lis pendens works when you are trying to buy the property through specific performance, not when you are trying to cancel your purchase agreement). Not all attorneys are alike. We specialize in real estate litigation.
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