Legal Question in Real Estate Law in California
60 day escrow has turned into 15 months??
15 months ago I received and accepted an offer from someone who sought me out and offered to buy my house, the house is, and has always had a clear title, as my family purchased the land, cash, and we built the house without ever taking loans against it. He, (the buyer) opened escrow with 1/3 of the purchase price and I recieved that money (15 months ago). Since then, he has moved into the house and made many costly modifications. He has not paid anything toward the purchase and does not appear to care. He states that he cannot get approved by a lender for the remaining amount?? He had not paid even rent for living there in over a year??? Can I make him move out? do I owe him money for the modificaitons that he made to my house? There are so other issues............please help?
3 Answers from Attorneys
Re: 60 day escrow has turned into 15 months??
I'm on vacation today, working from a laptop, so I can't be as complete as I would be at the office.
Your situation is very strange and I would be very concerned. If I were handling your case, I would ask you:
Has a transfer of title occurred?
Why is the supposed buyer in possession prior to close of escrow?
Are there any real estate agents or brokers involved for either party?
How are your communications with the buyer?
Who is paying the property taxes?
What do or did the escrow instructions say? What does your escrow officer have to say about this peculiar situation?
Ordinarily, a buyer is not put in possession before close of escrow.
You may find that escrow has closed, and you don't have a deed of trust or enforcible debt obligation (note) for the balance.
Re: 60 day escrow has turned into 15 months??
Sounds like a scam artist who will turn around and try to sell it shortly. You can foreclose since he hasn't lived up to his agreement to pay. Get yourself a real estate lawyer and take action now, before anything else should happen.
Re: 60 day escrow has turned into 15 months??
I am puzzled, like Mr. Whipple, as to how you received money (some) and he has possession. Normally when escrow closes, the seller gets the money and the buyer obtains title. When a party makes obtaining financing a contingency, escrow can be cancelled when the buyer fails to obtain financing, the contingency for the purchase.
I have never heard of a situation in which the seller received a portion of the purchase price and the buyer moved into the property, unless escrow closed and there were significant liens on the seller's property that the balance of the purchase price went to.
You will have to provide some more detail to this scenario, because it is not normal given the way it is presented.
Very truly yours,
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