Legal Question in Real Estate Law in California
Can I back out of a deal to sell my house? My parents haven't signed any contracts but agreed to a 45 day escrow on their house. My parents were planning to move to an RV park and had a spot picked out but were advised by their realtors not to put a deposit down until the bank signed off on the buyer's loan, so they waited, then they were told that there was a week delay because the bank on the buyers side found out the buyer had a short sale in their past. When this week delay occurred the RV spot my parents wanted was taken. Now that they bank did sign off on the buyers loan my parents are left without the place they wanted to move to. My father would like back out of the deal, can he? They live in California.
2 Answers from Attorneys
We seem to be missing a few facts. Can "I" back out of a contract to sell "my" house? I assume you mean your parents. You state your partents did not sign a contract. If so, they should have no obligation to sell. You then seem to indicate they are in escrow. Escrows don't open without a purchase contract. You need to determine whether there is a contract and what is says. If you don't have it, ask escrow. That contract will govern your parents rights and obligations.
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Your post is confusing. Who is trying to sell the house, and are they a party to the escrow? Is closing the escrow contingent on financing? What does the contract provide for when there is a failure of a contingency? Were any contingencies waived?
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