What can I do to force the cancellation of escrow so we can sell a home to someone else?
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What can I do to force the cancellation of escrow so we can sell a home to someone else?
I am a listing agent and have had home in escrow for over 60 days. This was supposed to be a 15 day cash transaction. Seller has signed cancellation instructions but buyer will not sign cancellation instructions. With or without giving up earnest money. The earnest money is $2,000. The seller would prefer to keep it and all contingencies where removed. At this point seller would give up deposit if we could sell the property to someone else?
Asked on December 5, 2011 under Real Estate Law, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Good question. Assuming that the buyer has a selling agent representing him or her, I would e mail the selling agent requesting that the cancellation of escrow instructions be signed and dated by the buyer and returned to you in 24 hours since it appears that the buyer has no intent on cancelling. If the buyer has no intent on cancelling the escrow, then you should discuss with your client about forcing close of escrow with the buyer.
In the interim, you and your seller client should consult with a real estate attorney to resolve this impasse on the sale with the buyer.
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