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Were the sellers, so escrow closes on May 16, 2017 in Santa

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hello there, were the sellers...
hello there, were the sellers, so escrow closes on May 16, 2017 in Santa clara County, CA.
Buyers bought our home as is, we want our Termite work and roof work paid by the escrow company. our relator had the estimated sellers settlement statement written up with out the invoice being paid. we werent aware of her plan, not reporting our work due to Buyers loan. our are the choice their given us. Q: we think if all doesn't close on May 16, 2017 we get the buyers deposit. Is this so?
There are only two options now:
1. Pay the Homeguard and Western Invoices and provide ORTC the paid invoices
2. Ask ORTC to pay these invoices out of escrow, and have the buyer's lender hold the mortgage funds until all the rest of the work is completed before closing, if the buyers would even agree. 2.b. There is a chance the buyers would not agree, as they seemed to want to do the work themselves at their own pace and style. They could back out and get their deposit money back.
(3). We no longer have the option to pay for the work after closing
Submitted: 6 months ago.Category: Real Estate Law
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Answered in 14 minutes by:
5/12/2017
Real Estate Lawyer: Amadeo Rivera,
 replied 6 months ago
Amadeo Rivera
Category: Real Estate Law
Satisfied Customers: 81
Experience: Sr. Trial Attorney II at El Paso County Public Defender
Verified

My name is Marcelo. I have been practicing real estate law for 17 years now. Your question is whether or not you will get the buyer's deposit if they buyer does not close on May 16. This depends on when the buyer's option period expires. You will have to go back and look at the original contract. Within the same or next paragraph discussing the buyer's deposit or earnest money, there should be some language referencing an "option" period, or some period of time, within which the buyer can terminate the contract and still receive the deposit back. Once that time passes, the deposit becomes non-refundable to the buyer in the event the buyer does not close and the seller would be entitled to it. I hope this helps. If you have your contract available, feel free to scan it and I will be happy to review it and provide some more detailed information.

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Real Estate Lawyer: Amadeo Rivera,
 replied 6 months ago

If you found my answer helpful, please accept it and provide positive feedback, as this is the only way I get paid. If you require additional information, please let me know.

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Amadeo Rivera
Amadeo Rivera
Amadeo Rivera
Category: Real Estate Law
Satisfied Customers: 81
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Experience: Sr. Trial Attorney II at El Paso County Public Defender

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