I had a buyer for my home in Temecula California. We both signed a contract in which they where to deposit $35k to open escrow yesterday but did not deposit the money. They waited until an inspection was done and looked at the report. We weren't given an opportunity respond and to fix anything. We lost time being on the market and any other offers. This house is in very good condition and can't imagine anything wrong since we just purchased it 2 yrs ago and have only improved the property. Do I have any legal recourse?
1 Answer from Attorneys
Your remedy for failure to place the deposit in escrow was to cancel the contract. It also seems there are some key facts missing here. Did they back out after the inspection? What were the contingency and inspection terms of the contract? There's just not enough information here to answer your question.