California | Real Estate Law
Legal Question
Seller attempting to renig on RE Purchase Contract in escrow
I am in escrow with a RE deal that is a ''for sale by owner''
I am the buyer. The contract was drawn up with the contingency that my existing home would be sold and proceeds would go to close escrow. There is not date stated on how long this could take. My home has been in escrow three times in the last 5 months and fallen out due to purchasers not qualifying for loans. Now the seller wants to cancel escrow and sell house to someone else even though we were going to close escrow next week. seller thinks he can get more for the house now. Is our Purchase agreement and escrow a binding contract? What can we do to force seller to abide by contract. We have had a RE Broker look at papers and they tell us seller is bound to our contract because they did not put a ''drop dead'' date on contract. It was just contingent on the sale of our property. Contingency reads ''The closing of this escrow is contingent upon the successful closing of buyers property, Buyers deposit of final funds shall constitute removal of this contingency''
Share This On:
