Hello.i am in real estate transaction as a seller.the buyer has not deposited the earnest money since 7/23 .i took title from a friend on a quitclaim deed.is there anyway that i can backout of this deal?please advise.i.am in California.thank you in advance
2 Answers from Attorneys
An attorney would have to read the contract to advise you. If you wish you may call my office at 818 345-0123
I agree. Your rights are governed by the Purchase Agreement. It is probable the lapse of time and failure to remit the deposit will be a breach, but your signed agreement terms are critical. If this was done on the usual CAR forms, the deposit would have been due long before now and presumably would have been deposited to escrow. Do you have an escrow opened? This gratuitous response does not create an attorney client relationship. The advice provided herein is generic, may not apply to your circumstances and is not to be relied upon in your actions. An attorney client relationship is created only upon execution of an engagement letter hiring me or my firm.