Legal Question in Real Estate Law in Nevada

We were supposed to close escrow yesterday the buyer was not there isn't the contract Nolan void nowvoid now

Asked on 5/02/17, 1:31 pm

1 Answer from Attorneys

Rick Williams Law Offices of Frederick D. (Rick) Williams, Chtd.

Yes, if a specific date was set for the close of escrow and it was not complied with in accordance with the contract you had with your buyer, then he/she is in breach of the contract and you are excused from performing. Now, the title company is not going to be really eager to hand over to you the buyer's earnest money deposit they are holding until they are certain all possibilities of closing the deal have been exhausted. Even then, you face a bit of a battle to have that money released to you for all your trouble. I suggest that if you can walk away, put the property right back on the market immediately, and find a substitute buyer ... you are money ahead. You should tell the title company you wish to execute escrow cancellation instructions to wrap up the failed transaction. Forget the loser buyer and move on without him/her.

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Answered on 5/05/17, 4:20 pm

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