This sounds like a ploy – they still want the property, they’re trying to hold you up for 5K.
Demolishing or not – it’s the contract language that matters.
With a firm contract, the title search period or “Requisition Date” is the opportunity for the Buyer to complete his due diligence - after which, if there are no issues he is expected to fulfill the terms of his contract.
You have several choices ….
But remember – they are trying to open the door to further negotiations – you can play too.
Your lawyer can attend at closing – if the buyer doesn’t show – you sue for specific performance (ask the courts to enforce the contract)
You negotiate a further discount to the price.
You tell the buyers if they don’t want the property you’d be happy to release them if they forfeit the deposit as compensation for the time the property has been off the market.
Or just let them walk away all together and return the deposit.
Consider the season, the market and the property…..
Good luck ................ cheers Dave
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Dave Chomitz
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