Legal Question in Real Estate Law in California

Close of escrow
We are selling our house, and signed
a contract with a buyer. It was
suppose to be a 30 day escrow. The
buyer came to us a few weeks later
saying they couldn't get their down
payment that quickly and wanted to
extend our contract. We told our
realtor we were willing to extend as
long as the close of escrow would
take place by July 10th. It did not
close, but they thought it would close
within a week or so. We told our
realtor we were not willing to extend
the contract again - as the first
stated the closing had to take place
by the 10th. Our realtor said that a
close of escrow was just an estimate.
Our contract did not say around the
10th within a few days or weeks. We
decided not to sell the house, and our
realtor is telling us we have to give
them a chance to close. Why do we
have a contract and need to extend it
if a contract holds no real meeting.
Any info. would be immensely
appreciated. Why should I lose my
house if the buyer didn't meet the
requirements of the contract.

Asked on 7/11/09, 7:13 pm

2 Answers from Attorneys

Bryan Whipple Bryan R. R. Whipple, Attorney at Law

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Re: Close of escrow

There is another possible problem lurking here, which may not have occurred to you. Your agent may claim to have earned a commission, even if the house doesn't sell, if he or she brought you a ready, willing and able buyer. I know, you believe the buyer wasn't "ready, willing and able" since additional time was requested, granted, and still no closing occurred. Nevertheless, if you ask for and get a free initial consultation with a local real-estate lawyer (which I recommend), take a copy of your listing agreement with you in addition to the sale contract and all addenda.

Answered on 7/12/09, 9:18 pm

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