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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33803
Experience:  15 years real estate, Realtor. Landlord 26 years
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I have signed escrow instructions, I have wired all money

Customer Question

I have signed escrow instructions, I have wired all money into escrow I have realesed all contingenciesCan I stop the escrow from closing and pay the seller the liquidated damages ?
Submitted: 2 months ago.
Category: Real Estate Law
Expert:  Barrister replied 2 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply,but rest assured, I am working on your question.

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What is the reason for you wanting to terminate the contract?

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How much have you wired to the escrow company....the entire purchase price?

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No closing has occurred yet, correct?

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thanks

Barrister

Customer: replied 2 months ago.
4 million closing occurs today in the afternoon
I made a mistake Cold feet. I want out. I am willing to let the seller have the 123000 deposit
Customer: replied 2 months ago.
I need an answer in next 10 minutes
Customer: replied 2 months ago.
I need an answer as soon as possible in next 10 minutes please
Expert:  Barrister replied 2 months ago.

Ok, if the closing hasn't occurred yet, you can always refuse to move forward with it and sign any closing documents. At that point it would be up to the seller as to whether they would accept the liquidated damages or whether they wanted to sue for "specific performance" to get a judge to order the sale to go through.

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If you have all the money wired in then the seller may decide it is worth suing over to force the sale to continue, even though that could take a year and tens of thousands in attorney fees..

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I am sorry but I do not participate in the phone call program for the site and limit my interaction with customers only to the website. I like to have time to think about a customer’s question and research it so I can provide the best answer possible.

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However, if you wish to have a phone call with an attorney, you can post a request for "additional services" and your request will post to other experts that do offer this service. When another attorney accepts your request you will get additional instructions.

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thanks

Barrister

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