FACTS:                    

A buyer submits an offer to the seller. In Section 1C of the Contract, the Buyer indicates earnest money funds will be provided by a wire transfer.

After two days, the seller issues a Cure Period Notice because the wire transfer has not been received. The buyer then notifies the seller that the wire is coming from another country, therefore, it will take more than two days for the wire transfer to be completed.

ISSUE:                      

May the Seller issue a cure notice?

ANSWER:                

Yes.

DISCUSSION:

In this instance, the Seller may deliver a Cure Period Notice to the buyer.

The Contract allows a buyer to provide earnest money in the form of wired funds.  If a buyer cannot initiate the wire transfer upon acceptance, as the Contract calls for, then the buyer should indicate that on page one of the Contract, under what terms the wire transfer shall occur. Example:  Buyer shall wire funds to escrow within two business days.