Real Estate Law
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Are you a Real Estate Attorney in California? All of the Realtors involved say, "You submit the removal of contingencies and check the boxes saying "I do not remove [x] appraisal or [x] loan contingencies," and then submit that to the seller. The seller may issue a "demand to perform" with the removal of contingencies, and if they say that they don't want to lower the price, then we cancel. But as of today, the seller's agent HAS received the removal of contingencies (as noted) but the seller still has not responded on whether they are willing to negotiate on the price.
If we cancel today, pretty much we end the deal.
Thank you. So, back to my original question. If I submit this CR form and refuse to remove the loan or appraisal contingencies, can I still cancel the contract in a few days if the seller refuses to agree to a new lower price (or whatever, we don't agree) and I want to invoke the appraisal contingency to cancel the contract. Am I liable and can I lose my earnest money because I did not A) remove the appraisal contingency or B) cancel the contract?
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