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Ray
Ray, Lawyer
Category: CA Real Estate
Satisfied Customers: 42885
Experience:  30 years in civil, probate, real estate, elder law
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When is the last day for me to opt of this real estate deal

Customer Question

When is the last day for me to opt of this real estate deal with no penalities.
Submitted: 1 year ago.
Category: CA Real Estate
Expert:  Ray replied 1 year ago.

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

Expert:  Ray replied 1 year ago.

Are you the seller or buyer and is there earnest money on file/both parties signed here??

Customer: replied 1 year ago.
I am the buyer.
Customer: replied 1 year ago.
There is earnest money or there should be. I paid $3000 in earnest money.
Expert:  Ray replied 1 year ago.

Has seller accepted it and signed off?

Customer: replied 1 year ago.
The seller accepted.
Expert:  Ray replied 1 year ago.

Item 21 on the contract talks about you buyer breaching here.So you would loose the $3k as earnest money if you cancel.But that would be it.You woudl cancel in writing here with letter to realtor that you changed m ind and want to cancel the contract.Seller claims the earnest money under item 21 as liquidated damages.

Expert:  Ray replied 1 year ago.

There is a mediation clause below that if there is dispute about earnest money here.You could argue seller breach f they haven't done something here.

Let me know if you have more follow up.Thanks again.

Expert:  Ray replied 1 year ago.

If you can positive rate when we are done it is sincerely appreciated.

Customer: replied 1 year ago.
Wait, so I have no period of time where I can just walk away without losing my earnest money?
Expert:  Ray replied 1 year ago.

No unless seller agrees to refund it here.There is a valid contract once everybody signs.If you back out they get earnest money as liquidated damages here.Now if you say cannot get loan funding that would not be a beach.So you could apply here and try to get them to deny funding the loan.Thats not considered your fault if you tried and failed here.

Customer: replied 1 year ago.
Isnt there a 17 day period where i can walk away after inspections?
Expert:  Ray replied 1 year ago.

Not unless you had it added to the contract and I did not see one.Sorry.