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Answers (8)
- Connie Wildasinn, "Connie Wildasin"
- Contributions:1178
This is a prime example who good representation is so important! Hopefully everything about the repairs were in writing. Here in California, from what you have said, your transactions would go into a hold pattern, escrow would not be allow to fund and record, and at this point the two principles, not the agents would most likely have to go to court ... now additionally, simply because the seller has not completed repairs is not a clause to 'get out' of the deal, you can hold funds and force the seller to 'proform' his contractual duties and then close. I am curious what made you change your all cash mind set of close in 15 days to cancel? I am always courious... did you not want the property in the first place? was it not a good deal? oh how our world changes in a week! Good luck... get a lawyer...
- nealadler
- Contributions:199
Based on your scenario this whole transaction seems problematic. I'm not sure how things are in NY, but in California, the escrow company takes instructions/directions from the principals not the agents. In addtion, per the CA contract when the buyer makes repair requests, the seller can do all, part, or none offer a credit or whatever both the buyer and seller agree to. In Ca contingencies are removed via the active method that meaning the buyer or seller has to affirmatively remove the contingency, even if the date has come and gone, it still remains open unless it is removed by the party with the contingency. If the contingency removal process is passive meaning no affirmative action must take place it is automatically removed by the date in the contract unless an extension is agreed to by both parties. In the passive method the contract can be cancelled within that time frame when the apppropriate party gives the other side a notice to cancel based on whichever contingency applies provided it is done before the date of the contingency. This is based on my experience, I am not an attorney, however you should consult one nonetheless.
I ask my re agent, please cancle
- Ed Brophy, "Ed Brophy"
- Contributions:455
If it's an all cash deal and you haven't placed all your money in escrow they can't close until you do.
If the seller didn't repair the agreed upon items they are in breech of contract. Removal of contingencies has nothing to do with specific performance agreed to by both parties.
If you're agent is telling you you need to close it's time to speak with their broker and a real estate attorney.
Best of luck.
If the seller didn't repair the agreed upon items they are in breech of contract. Removal of contingencies has nothing to do with specific performance agreed to by both parties.
If you're agent is telling you you need to close it's time to speak with their broker and a real estate attorney.
Best of luck.
- Metro Indy Expert.
- Contributions:197
The one thing to keep in mind is that a contract is not legal unless both parties have signed on the dotted line, so to speak. If the sellers agreed in writing to repair something then they must or you should be able to back out especially if it's. Significant. Look at your contract, it covers all those issues or sit with your broker.
how serious are the repairs that need to be done? generally, a reason to cancel an escrow will need to be a pretty big reason, so small repairs are not going to rise to that level. For small repairs, you would be expected to close anyways, and settle it through arbitration or small claims court.
Your agent definitely should have given you the entire contract, and should be outlining your alternatives to you. In many cases, the earnest money serves as liquidated damages, but that would depend on state law and your contract. If that is your case, you can fail to close and just lose your earnest money.
Your agent definitely should have given you the entire contract, and should be outlining your alternatives to you. In many cases, the earnest money serves as liquidated damages, but that would depend on state law and your contract. If that is your case, you can fail to close and just lose your earnest money.
- Enrique Tejera, "DockEstates"
- Contributions:243
Yes, speak to a lawyer experienced in real estate transactions. This is a potentially complicated matter and it is very important to start your response as quickly as possible.
Time is important in these cases. Also collect and copy any and all documents and notes related to the transaction. It is also important to keep or take pictures of the items in question. Document everything you can and provide the information to your lawyer.
Hope this helps.
Time is important in these cases. Also collect and copy any and all documents and notes related to the transaction. It is also important to keep or take pictures of the items in question. Document everything you can and provide the information to your lawyer.
Hope this helps.
- broker_GRI
- Contributions:3454
JamesTing,
You must speak with a RE attorney asap.
You must speak with a RE attorney asap.
How to cancel the escrow
My agent told me no way, because I had sign the removal of contingency. I had told the escrow holder to hold the recording and stop the disbursement of fund. But the agent told me that he asked the holder to close the escrow, because I had no right to cancel the escrow. The escrow closing must keep proceeding. My agent never gave me a whole contract with both side signature, and I only was e-mailed a completed buyer's signature doc. I never was given of the seller's response. The contract has mententions the close of escrow shall occur 15 days after acceptance. And the close was prolonged upto 26 days, with seller's condition.( I was never known about it) Can I get out of the contract? with or without deposit?
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