I signed a residential purchase agreement as the seller. The agreement, which is made by the Greater Las Vegas Association of Realtors, only refers to one date in the agreement. It says the "close of escrow shall be on June 29, 2012." Now it is August and the buyers want to come through with the purchase, but I have made other Plans with the property. Can I get out of this contract legally? Is the contract void after that close of escrow date has passed?
State/Country relating to question: Nevada
I asked a real estate agent.
Hello, my name is Ely. I am here to help you. There may be a slight delay between your follow ups and my replies as I type out a reply. Please note: (1) this is general information only, not legal advice; and (2) my function is to give you honest information and not to tell you what you necessarily wish to hear.I am sorry for the situation that you find yourself in. Please understand that the Escrow period you set when the contract was agreed upon between the buyer and seller is not contractually binding. It is merely a date upon which all parties are striving to complete the transaction - but this is not a "do or die" date. Ergo, by missing the date, the party did not necessary walk away from the contract.So what happens if the escrow closing date is missed? In this case, they have a "reasonable time" to perform. R & S INVESTMENTS v. Howard, 593 P. 2d 53 - Nev: Supreme Court 1979. "Reasonable time" is specifically vaguely defined because every case is different.Either party can approach the Court to get a ruling if an agreement cannot be be made as to whether they acted in a reasonable time in an attempt to salvage the deal. Ergo, the Court would look at factors such as:-did they contact you and let you know that they would be late, or did they simply stop all contact?-did you advise them as to the fact that you'd be selling the property to someone else, etc, if they do not contact you in a proper amount of time?-was there further communication?-how long the date was past escrow (anything past 30 days is generally considered too long)?So the contract is not necessarily voided, but it may be. If you press the issue and refuse to close, it is up to them to go to the Court and see if the Court would agree.While the legal system tries to be inclusive of every possibility, sometimes people have limited avenues to seek relief. Surely, you prefer that I tell the truth rather than what you wish to hear. Because I do not get credit unless you press one of the top three faces, keep this in mind when rating my answer and please do not punish me for being honest. I understand that this may not be easy to hear, and I empathize.IMPORTANT INFO: I hope this finds you well. Please use REPLY TO EXPERT to keep talking, or RATE my answer when we are finished. Kindly rate my answer as one of the top three faces and then click SUBMIT, because this is how I get credit for my time with you. Rating my answer the bottom two faces does not give me credit and reflects negatively on me as an expert even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith. Do not worry, you may always ask follow ups free after rating.
Qualified attorney in private practice including business, family, criminal, and real estate issues.
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