Legal Question in Real Estate Law in California
We are sellers currently in escrow for a short sale in California. Our buyers will not sign loan docs until we move out of the house. Our agent wants us to sign a Notice to Buyer to Perform. We do not want to move out until escrow is completed. Is it in our benefit to sign the Notice to Buyer to Perform?
2 Answers from Attorneys
Probably; that puts a little more pressure on the buyers and is fairly standard practice. You may also want to try a round of face-to-face negotiations with the buyer and your agent and the buyer's agent as well, to clarify your intentions regarding moving. Negotiation and discussion of issues may calm the buyer's jitters about being able to move in promptly. Kinda odd that they would be concerned about immediate occupancy when they are making the closing date uncertain by their own actions (or inactions). You could also ask the broker that your agent works for, for his or her professional opintion. I think everyone here needs to understand what the other perty's concerns are.
Answering your question accurately is going to depend on the purchase and sale agreement, and any escrow instructions, especially with respect to whether any provision was made for you to occupy the property until close of escrow.
Related Questions & Answers
-
Will land patent protect my home from foreclosure? Asked 5/28/11, 3:49 pm in United States California Real Estate and Real Property