Legal Question in Real Estate Law in Arizona

Escrow cancellation

After 2 months my buyer had a serious heart attack. His Dr. recommended not making the move to our area in AZ. He did have a sale of his home contingency but his home did complete the sale. Three weeks before closing on our home the buyer's agent notified us they would not complete the purchase due to illness. Can we force the completion or what other remedies do we have. We have been financially hurt since we purchased another home relying on the sale of ours.


Asked on 11/25/07, 9:49 pm

2 Answers from Attorneys
James Jenkins Jenkins Law Center PLC

Re: Escrow cancellation

I have been presented with this question several times before. Unless your contract is conditioned upon the health of the buyer, or gives him an out if he is not able to occupy the home, the sale is enforceable. The buyer cannot unilaterally cancel the deal. Inconvenience is not legal justification to void a contact for the purchase of real estate. Your remedies depend upon the wording of your contract in part. See an attorney. We offer free initial consultations at 480.835.1500.

Best regards,

James D. Jenkins

Read more
Answered on 11/26/07, 10:33 pm
Brian Blum Blum Law Office, PLC

Re: Escrow cancellation

Unfortunately, there is no simple answer here. The answer depends on the terms of your contract. Most residential purchase contracts that I have seen give the Seller the option to either keep the earnest money or to sue the Buyer for damages. Your contract might be different. See an attorney.

Read more
Answered on 11/25/07, 11:28 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Arizona