Legal Question in Real Estate Law in Florida
We were about to sell our house to a couple, they had the inspection and during the appraisal they canceled the appraisal and also canceled the contract. There is 50,000 in escrow. We have not release the escrow to them as of yet. We feel that we should keep it since the reason for their cancellation was that they found another house they liked better.
My question is since the money is still in escrow and they signed a paper stating that they were canceling the contract. Can we sell the house to someone else while still holding the escrow? The buyers told us that if we hold the escrow there is still an active contract.
MJ
2 Answers from Attorneys
No one can completely answer this without knowing specifically why the buyers didn't go forward, and what exactly the terms of the contract says. You are going to need an attorney to advise you correctly.
Read the contract. It will determine if you get the escrow or not. Probably not, but look at the contract. If the Buyers have cancelled the contract, in writing, then you can probably sell the house. It depends on how and if the contract has been breached and how it was "cancelled".
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