Legal Question in Real Estate Law in California

The real question is "getting out of a contract" rather than getting out of an escrow. Look at your contract and see if it has a "time is of the essence" clause. If it does, deadlines contained in the contract would be strictly enforced by a court (at least usually). Without such language, there is some precedent for forgiving a delay of a few days or even a week or two in performance by one party or the other, especially when the delay is not prejudicial to the other party. This is kinda textbook theory; I haven't handled any cases where a few days delay was the major issue, and I'd be interested to see if any other LawGuru attorneys have a more recent and personal insight into the question.

Assuming your transaction was documented on the standard Cal. Assn. of Realtors forms that are almost universally used in this state, when you have failed to remove contingencies in the time provided in the documents, AND fail to remove them after receiving the notice to perform, the seller has a virtually indisputable right to cancel the sale and escrow. Since it was a removal of contingencies issue, and not some other failure to perform, however, you are entitled to a full return of your deposit.

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