Legal Question in Real Estate Law in California
We were listed to sell our single family home at $384,900 and accepted a cash purchase of $375K with the stipulation escrow had to close quickly, like in about 11 days! We accepted.
After we were all moved out as agreed, the night B4 the agreed closing of escrow, then the buyer had issues with his funds and we were put on hold for 11 more days beyond the agreed closing date.
The buyer and agent then did the Visual inspection 7 days latter from the original agreed close of escrow, and then sends the "Agent Visual Inspection Disclosure" (California Civil Code 2079 ET SEQ) dated 18 days earlier, with added statements that were false, such as condensation in a double pane glass door and stains on the carpet, and various other non safety issues or in need of necessary repair or replacement. The buyers agent even signed the visual inspection form as being the 'sellers' agent, our agent and she is not!
I am upset with this agent and her buyer as we all signed and agreed to the sale and we did come down $9,900.00 and just feel very insulted by it all and aggravated our plans are delayed, and do not feel we are the irresponsible ones.
Do we need to sign this form now? Could it be someone is trying to play us in anyway now? The money is said to be deposited with the Escrow company for processing now after the Monday holiday,so we are just waiting to see what happens next and would appreciate any professional insight to this.
2 Answers from Attorneys
I would advise great caution before signing. If you want to go forward with the sale and not cancel, you need to find out what they want post inspection.
You sold your house at virtually full price when others are discounting ten and twenty percent to get a sale. You didn't have an attorney. You apparently didn't have your own RE agent, who is there to protect your interests. You agreed to rush an escrow closing that usually takes at least 30 days to do all the title reports, inspections, repairs, approvals, funds deposit, etc. NOW you are considering signing documents before knowing what 'closing' issues there may be. Unless the buyer signs off with no repairs requested after inspection, you may face substantial costs there. That inspection report is the basis for any repairs demanded. Now that you have moved out prematurely, the buyer has the advantage in any requests or demands he may make, and you are already in 'breach' of the closing date demanded by the buyer. On the plus side, the buyer does seem to be pursing forward as planned.
It would be sensible, even at this late date, to seek assistance of an experienced RE attorney unless the escrow closes as you have been promised, without further problems.
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