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Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 118073
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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The broker is bringing a next potential buyer today and he

Customer Question

The broker is bringing a next potential buyer today and he asks to extend the listing period by 2 months on a 6-mo agmt that expires May 15. He'll extend it, he says in order to waive title and escrow fees for us -- a transfer of redundancies from the old escrow to the new. People are telling us not to do it, and one version is that there is something unethical or illegal in "transferring" one old escrow to a new one. Is this so? What does this mean? Please explain this to us. But they may be just culling us for their own opportunities. We don't know and so we ask you. Thank you, ***** ***** here is text of broker's email: "Lekas Group Attachments5:37 PM (15 hours ago) to me I don't see a bridge loan as being completely necessary right now. We are in negotiations with a qualified and motivated buyer, whom we're having vetted right now to confirm they have the sufficient funds needed to make the purchase. Once coming to a mutual agreement of price and terms with a new buyer, which I expect to take place by next week, we will also arrange for there to be an early-release of deposit to go to you as the sellers, which can be treated as a bridge loan...only the fact is that you will not have pay additional commission or enormous interest rates to get access to the funds. I would strongly suggest that you focus on prepping your home to be shown tomorrow so that we can negotiate the price and terms to best fit what you need and expect. Think in the present, with an emphasis on what is required of you right now. We need a new buyer that we will feel comfortable in moving forward with. We really need your cooperation and we're representing you to the fullest extent. I understand that there are unfortunate events that have transpired, however we are here to provide solutions. We will be continuing to work diligently on your behalf to get your home sold. Attached here is the extension that we discussed on the phone, which will allow escrow and title to waive fees for this escrow and allow us to continue on the path to get your home sold. * I've only extended the time period an additional 2 months. I'm confident that escrow will make that work for you to ensure your comfort and confidence in us moving forward. All the Best, SHANE ****** CalBRE# *********** *********************

Submitted: 4 months ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 4 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
There is no need to transfer the escrow, if the deal is legitimate and you are going to extend for only 2 months and the escrow is already being held, then legally there is no basis for transferring it other than to avoid the terms of the other escrow account. You need to find out specifically why he wants to transfer the escrow, as generally that is not required to simply extend the contract.
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