A Notice to Perform or quit may be issue to the Buyer or Seller for not delivering items in the specified time period outlined in the purchase contract.
When a Seller issues the notice to the buyer it is typically due to a past due removal of contingencies or some other contractual action that needed to be satisfied within a certain timeframe. Once a Notice to Perform or Quit is issued, the buyer shall have 2 days to remove the contingencies or contractual obligations, otherwise the Seller shall have the right to cancel the agreement.
A Buyer will typically issue a Notice to Perform or Quit when disclosures or reports are not issued within the specified time period. It is important as a buyer to have all the information available so that you can make a well informed decision. The Seller shall have 2 days from the receipt of the Notice to Perform or Quit to provide the buyer with the needed paperwork. If not provided, the buyer reserves the right to pull out of the transaction.