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Legalease
Legalease, Lawyer
Category: Real Estate Law
Satisfied Customers: 14619
Experience:  13 years experience in RE Law, including LL/Tenant, contractor disputes, comm'l prop. issues
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Buyer is almost 1 months late on escrow. Buyer removed all

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Buyer is almost 1 months late on escrow. Buyer removed all contingencies. Buyer claims to be unable to get financing. Buyer signs contract to pay 100 a day damages from the date that the buyer was already 30 days late. Buyer was served demand to close escrow followed by cancellation of contract which states upto 3 percent in damages at the pont that the buyer was 1 and a half months late. Buyer refuses to sign cancelation of escrow. I have paid to have the property staged again along with the expenses of two properties (my new residence and the costs of owning the house in escrow) The house will go on the market in a few days. Are there any pro-active actions which I should do at this point? The defaulted buyer's deposit is currently in escrow still with the original escrow company.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Legalease replied 1 year ago.

Hello there.

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This appears to be a situation where not only are you correct but that you should retain the buyer's deposit. Are you willing to return the deposit in order to sweeten the pot and just get rid of this buyer? Is the deposit substantial ?

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Despite given all of the information on default by the buyer, the escrow company will not cooperate and release the property without the buyer's signature?

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MARY

Customer: replied 1 year ago.

I don't know what the buyer will do. However, I know that the buyer is refusing to sign the cancellation of escrow which includes up to 3 percent damages. And at this point there will likely be a new strong buyer next week. I mostly want to make sure that I have no liability to the defaulted buyer when the house is in escrow with a new buyer. E.g. lets say the defaulted buyer miraculously comes up with financing after I am already in escrow next week with a new buyer. I want to make sure that with the demand to close escrow followed by the cancellation of escrow regardless of if she signs it is sufficient.

Expert:  Legalease replied 1 year ago.

Hello again --

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Yes the demand and then cancellation is sufficient in a situation where the buyer has repeatedly breached the contract and has shown an inability to be able to complete the transaction. My suggestion here in order to protect yourself is to write up a timeline of events and use dates, times, persons present and a description of what item/issue there was that was a breach of the contract so in the event of any legal action by the buyer you will have an organized case to show that the buyer was in breach of the contract on the several different occasions and for the reasons that you set forth in the timeline. If it comes down to legal action, you can then get this journal.timeline admitted into evidence as the timeline of events for the court to consider along with all other evidence of the Buyer's breach of contract -- which ultimately led to your decision to cancel the contract and sell the house to another third party purchaser.

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Please let me know if you have further questions.

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MARY

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Legalease, Lawyer
Category: Real Estate Law
Satisfied Customers: 14619
Experience: 13 years experience in RE Law, including LL/Tenant, contractor disputes, comm'l prop. issues
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