The home was sold while I was still in escrow (California)
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The home was sold while I was still in escrow (California)
Our offer to purchase a house was accepted and it went into escrow. I was later informed that I didn’t qualify for the loan (all contingencies had been removed by then). We started negotiating how the deposit would be handled (this has been going on for 2 months). I just found out the property was sold 3 weeks ago to someone else. I was never given a notice to perform although we have exchanged some closing agreements that to this date both parties do not agree on. Was the seller in their right to do this? escrow is still holding my deposit, can the seller still fight for this? Thx-Cal
Asked on June 20, 2009 under Real Estate Law, California
Answers:
Edwin Fahlen / Law Office of Edwin Fahlen
Answered 15 years ago | Contributor
Yes the seller can sell the property. If all contingencies have been removed it is possible the seller is entitled to damages. However, there may be other applicable contract provisions that provide for a different remedy. VERY MANY times agents do not know what they are doing when it comes to contracting leaving legal "loop holes" with which one can bargain with. Your contract needs a complete legal analysis to determine your, and the sellers rights. The amount may be a small claims matter. Should you desire a complete legal analysis, it would take my minimum fee of one hour which is $300.00. I am available 24/7 365 days if you are interested. pager 714.967.1300. All can be accomplished through email.
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