Legal Question in Real Estate Law in California
Purchase Agreement
My husband and I are selling are home, and have a signed purchase agreement, which states $5000.00 was put into an escrow account 3 days after the contract signing. This money is not in escrow. Buyers have failed to perform at the closing date of escrow. My real estate agent didn--name removed--verify if the $650000.00 in cash existed. It was an all cash offer, also stated in the contract it was to be verified. It found that our HVAC needed replaced, so we were paying half, buyers to pay half, also written into the escrow. My husband and I divorcing, and planned to pay off bills. All of which haven--name removed--had a payment made because were going to use the assets from the sale. The sale hasn--name removed--closed what recourse do we have?
3 Answers from Attorneys
Re: Purchase Agreement
The contingency never arose, so therefore the contract has been terminated. Send a written notice of its termination and re-list the property.
Re: Purchase Agreement
I would need to see all of the documents, but you should be able to sue for specific performance or damage for based on breach of contact -- assuming there were no contingencies and the contracts confirm.
Re: Purchase Agreement
Tell your agent to get on the ball. There are likely provisions in the real estate purchase agreement that allow you to demand verification of funds and demand that the $5k be put into escrow. In the event the buyers fail to comply, you would be permitted to cancel the escrow and the contract and find another buyer. Consult your agent and your specific purchase agreement for the details.
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