Post: 10 month escrow (June '06) - Trying to cancel Contract with

Posted by Josh on 4/13/07

Highlights
- I am selling a property (apt.) in CA
- Private sale dealing with buyer directly, also RE broker
- On June 9, 2006, I agreed to sell my property to the buyer
for a 1031 Exchange (75 day escrow)
- On June 30, 2006, an addt’l 13 day extension was approved
(no addt'l formal written extns)
- been constant delays

Each time I've talked to the buyer, he’s having problems
with funding and city code approvals (wants apt. for future
condo development).

Even though I've informed him I’ve canceled the project,
he's been in denial (doesn’t want to accept it) and wants to
move forward with this. His 1st loan failed. On this past
Monday 4/9/07, he’s informed that the 2nd loan has been
approved and wants to close on 4/19/07, but I told him I’ve
already canceled this.

His escrow company called me today to sign papers (last
contact was June ’06 when I signed some papers). Isn’t
escrow’s job to enforce the “documented” escrow period in
the purchase agreement, which was long past due in 2006? Am
I liable for any escrow fees? Also, I’m sure he’s paid for
lender/appraisal fees, but that’s not my problem, right?

I believe I have the right to cancel since there is no
written extension for 2007. Thoughts? Thank you.

Posts on this thread, including this one

10 month escrow (June '06) - Trying to cancel Contract with , 4/13/07, by Josh.