Legal Question in Real Estate Law in California
Our agent received a demand to close at 2pm on a friday to day we were scheduled to close. We previously asked for an extension that was ignored. We got receipt Monday and were ready to sign/fund Wednesday and seller cancelled escrow Wednesday. Did we perform in a reasonable amount of time( Demand says 3 days)? Seller's agent admits they have another offer and want to get us out of the way. Wondering how much to spend/risk to push this legally.
2 Answers from Attorneys
A seller breaches a contract when he has a higher offer for the item being sold.
The question that I have is what does the signed purchase and sale agreement, and any joint escrow instructions state about closing and whether "time was made of the essence."
As Mr. Roach would know if he practiced in this field much, unless for some strange reason your agent did not use the standard CAR forms, time of close is of the essence. You got a three-day demand to perform on Friday at 2pm. You don't get a "reasonable amount of time." You get the time in the contract. Any time after three days before the time in the contract the seller can demand performance or cancel. You didn't perform within three days of the notice. They had every right to cancel, regardless of whether they had a better offer in their back pocket or not.
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