Legal Question in Real Estate Law in California
I am the seller with a signed 45 day contract and signed escrow instructions. We are 23 days past the contract deadline. As a seller, what are my rights if I want to cancel escrow? There has been A serious lack of service from my agent with very questionable practices boarding on unethical.
2 Answers from Attorneys
Your agent presumably is hired by, and reports to, a broker. Your first line of inquiry should probably be to have a personal audience with the employing broker. Beyond that, I suppose the next question or issue would be whther you regard the deal that's in escrow as favorable, or whether you want to cancel and try for a better deal. At 23 days past the closing deadline, you would seem to be in a position to terminate the escrow and the contract for failure of the buyer to perform. However, The agent and his/her broker should explain your rights under the contract they got you into.
It depends on whether your contract specifies that time is of the essence, and also depends on why escrow has not closed, and what your escrow instructions provide about cancellation.