Posted by John Merchant on August 07, 2003 at 18:48:12:
I don’t know where you got that idea. What one private escrow company is doing, does not affect your legal right to move on.
However, it would be a mistake to agree to sell to another party without first getting the first deal totally released by buyer #1.
Suggest you just tell buyer #1 NO, you’re NOT
releasing their $3,000…until you find buyer #2. Then you can dicker with #1 and finally offer them something for their release. But if #2 does NOT show, don’t release #1’s money. And for sure don’t release it at all without simultaneously getting their release so they give up all their rights.
On dealing with #2 now, just make sure your P & S agreement with #2 includes language to the effect that there is another deal pending, and #2 deal is subject to #1 NOT closing, and your getting a total release from #1. That way, you won’t be stuck with 2 buyers both having right to buy.
If you have an Agent handling this for you, that agent will know to put that language in the P & S. If you don’t have agent, your lawyer should prepare #2 so as to put the right language in.