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Placed good faith deposit on real property. have released…

Placed good faith deposit...

Placed good faith deposit on real property. have released contengencies. unhappy with my agents handling. want to cancel escrow. agent says seller must agree. what are my options/

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

California

Lawyer's Assistant: Has anything been filed or reported?

Escrow refuses my cancellation refers me to my agent. agent says" I don't think seller will agree"

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

If I agree to release good faith deposit will I be released from buy contract

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Answered in 11 minutes by:
5/15/2017
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 42,510
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. 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.

.

If you have released all contingencies, then you wouldn't have any legal grounds to cancel the sale and back out. Depending on what your contract says, if you just break it, you might only stand to lose any deposit money. You would have to look at the clause in the contract where it talks about breach by the buyer and what remedies the seller has.

.

Typically the seller could sue for "specific performance" to force the sale to continue, which is extremely rare due to the time and cost, they could sue for their actual damages, which is still rare, or they can just agree to keep your deposit and release you from the contract.

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But it will state what the options are in the actual contract you signed.

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thanks

Barrister

Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 42,510
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified
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