California  |  Real Estate Law

Legal Question

Asked on: 7/31/13, 6:27 pm

I was in a contract for my condo, and the buyer decided to cancel escrow 7 days before escrow was due to close. The buyers agent claims that because they had not removed the contingencies, we are obligated to return the $5,000 deposit that the buyer placed in escrow. We met the contingencies, and even sent a notice to perform about a week prior to them conceling to have them complete the paperwork to removed them since they were complete but got no response.

The buyer was able to secure financing, and the reason given for the canceling of escrow was family financial issues (he had to loan someone money). The buyers lender stated that he even gave the buyer other financing options to decrease the amount needed for his down payment, but he did not want to go that route. As a result, I am now stuck with two mortgages and am wondering if this is a breech of contract that would allow me to keep the deposit money towards my monthly payment on the condo until I find a new buyer.

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