Real Estate Law
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Thank you for choosing Just Answer. My name is XXXXX XXXXX I will assist you today. You can cancel the contract, for all practical purposes the contract has already been breached by the buyer and you are not required to complete the sale.
Unless the contract reads otherwise you may be entitled to keep the funds escrowed for the purchase. ( Note some contracts indicate that if financing cannot be completed the contract becomes null and void and escrow funds are to be returned to the buyer).
Your realtor should be able to explain what your rights are with respect to the escrowed money.
Please accept my answer with a rating of 3 or better so I may get credit for my response. If you have follow up questions please ask. Please note that paying the deposit does not cause funds to be disbursed until you rate my response (3 or greater).
Contract states all parties will use mediation or arbitration for any disputes. Do they have any grounds on taking us to either of those? We already released their deposit back to them.