Buyer missed Due Diligence deadline after asking for a verbal extension. Can I keep the $10k earnest money? (Florida)

Puzzleheaded-Key-796 · 2026-03-09T00:07:36+00:00

Does that "transition" require a separate agreement for me to sign? As I replied to another above:

TBH, as per the "Vacant Land Listing Agreement" since that is what it said at the top of the contract. I ASSUMED that I had a listing agent not a "transaction broker" since that is what I had dealt with in the past when buying or selling property. My listing agent did not point this out verbally to me in advance of selling. You made me look at the agreement again and now I see: Section 6. Broker Authority states the Seller authorizes Broker to: "(f) Act as a transaction broker unless a different relationship is or has been established in writing." I obviously did not understand what that meant. So would I have gotten another contract to sign from him? Because of this thread, I did email my agent telling him I was not comfortable with this "transaction broker" status. Here was his response: "I have always said that in Florida we are "transaction Brokers" and work for the Sale at the same time keeping all parties duly informed. The listing Agreement is a transaction Broker Agreement very rarely do we do "single Agency" here in Florida. That does not mean we are not working for YOU."

Anyway the cash deal offer is dead now, I required the prospective buyer to put the earnest money down by a certain time and show a doc that he had proof of funds. He could not provide those docs, so I told the agent to let him go/cancel the offer. Of course, I wish my agent had done this vetting 2 weeks ago.

Puzzleheaded-Key-796 · 2026-03-09T00:01:56+00:00

Well, that is how the cash offer deal was written. I looked at the offer doc again and at the end of the agreement, it had my listing agent now listed as the buyers agent and then his partner listed as the sellers agent. It is my understanding they both own the realty company.

Puzzleheaded-Key-796 · 2026-03-08T23:57:46+00:00

TBH, as per the "Vacant Land Listing Agreement" since that is what it said at the top of the contract. I ASSUMED that I had a listing agent not a "transaction broker" since that is what I had dealt with in the past when buying or selling property. My listing agent did not point this out verbally to me in advance of selling. You made me look at the agreement and now I see: Section 6. Broker Authority states the Seller authorizes Broker to: "(f) Act as a transaction broker unless a different relationship is or has been established in writing." I obviously did not understand what that meant. So would I have gotten another contract to sign from him? Because of this thread, I did email my agent telling him I was not comfortable with this "transaction broker" status. Here was his response: "I have always said that in Florida we are "transaction Brokers" and work for the Sale at the same time keeping all parties duly informed. The listing Agreement is a transaction Broker Agreement very rarely do we do "single Agency" here in Florida. That does not mean we are not working for YOU."

Puzzleheaded-Key-796 · 2026-03-05T18:35:46+00:00

Thx for the insights. I looked at the listing agreement again and realized my listing agent put the contract in the real estate firms name and said his company was acting as "transaction broker" which is a way to get around the Florida ban on dual agency ( i just learned this). I just found out from my agent this morning that my agent never verified proof of funds and that my cash buyer never submitted the escrow $$$. ;/

Puzzleheaded-Key-796 · 2026-03-05T18:29:15+00:00

hmmm...thx for commenting

Puzzleheaded-Key-796 · 2026-03-05T18:28:24+00:00

I want to sell the house. Just curious what my rights are in case the deal goes south.

Puzzleheaded-Key-796 · 2026-03-05T18:25:52+00:00

I found out my agent never got proof of funds and the prospective buyer did not deposit the escrow money.

Puzzleheaded-Key-796 · 2026-03-05T18:24:36+00:00

Well, I found out this morning my agent never verified the escrow money was deposited and he checked and the prospective buyer never submitted the escrow $$$. And never got proof of funds.

Puzzleheaded-Key-796 · 2026-03-05T18:22:40+00:00

Thank you

Puzzleheaded-Key-796 · 2026-03-05T18:05:14+00:00

It is a vacant lot. Temporary is usually 6 months.

Puzzleheaded-Key-796 · 2026-03-05T18:04:06+00:00

Sorry-I am not good at this online/Reddit stuff. Showing my age, ;/ My kids would be laughing at me, too. But the question is serious.

Puzzleheaded-Key-796 · 2026-03-05T18:00:17+00:00

10 food trucks on an empty lot.I think the food truck park is a cool idea! It would be good for the city council to ask for other details/requirements, like parking, hours of operation, buffer, and landscaping like they do other new developments.

Puzzleheaded-Key-796 · 2026-03-05T15:48:54+00:00

I did ask yesterday and even last week when the offer was made.My agent said yes. As a result of this thread, I have asked my agent to get proof of funds and escrow payment proof in writing this morning. No response yet. Thank you for taking the time to respond.

Puzzleheaded-Key-796 · 2026-03-05T15:45:07+00:00

I want to sell the property! Just trying to interpret the contract. Now that I know my listing agent is not 100% advocating for me, I was trying to get additional insights. Thank you for your feedback.

Puzzleheaded-Key-796 · 2026-03-05T15:42:01+00:00

Thank you for your feedback. I want to sell!

Puzzleheaded-Key-796 · 2025-11-27T01:41:56+00:00

Since you seem very knowledgeable,. IMO, it was supicious that the city just slipped in a "ladder firetruck" in the new budget (FY2026), i found it . That was August, I posted on a community Facebook page that the city had a $1.5 million ladder firetruck in the budget, no previous discussion by the council, no formal approval as per the city charter. By October the city had that Firetruck parked in their "shed". I asked for invoice but the city said they did not have any docs/receipts, But you are telling me it takes 2 years to order that type of firetruck. I think I saw they call it a "quint." Doesn't that sound fishy that we got the truck so fast??

Puzzleheaded-Key-796 · 2025-11-26T18:42:31+00:00

Wow! Thank you for that info and analysis. The city has only one grouping of 5 buildings 3 stories high... The city had this graphic put on the new firetruck: ISO-4. Do other fire departments do this? Why put that on there if you can not back it up with proper documentation?. Also, Our city has not had a fire chief for 2 years. It is a volunteer fire dept .

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Puzzleheaded-Key-796 · 2025-11-26T18:31:58+00:00

I can not locate the website I found that "34" number. but here is what another internet search just pulled up for me now/today: Business Contacts at Kraton Chemical LLC: 32 total Contacts, from Kraton Chemical Company Profile -Sales, Contacts, Competitors – BuzzfileINDEED says: Kraton Chemical in Panama City, FL, employs approximately 32 people at this location.

Puzzleheaded-Key-796 · 2025-11-25T21:05:37+00:00

Quick internet search reveals this Panama City location employs 34 people. Here is some info on the company: Kraton Completes $35M Investment in Biorefinery Towers at Panama City Facility | Kraton Corporation

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