More details to this question:
can I cancel escrow and the sale of my home with the buyer if I change my mind. Buyer wants a credit for repairs and I sold the house as is. Im at this stage: Contingency Periods: *Acceptance 04.07.15 *Initial Deposit 04.10.15 *Seller Disclosures 04.14.15 *Inspection Cont. 04.19.15 *Appraisal Cont. 04.24.15 *Loan Cont. 04.28.15 *Closing Date 05.22.15 *Deliver Property 05.25.15 Nothing has been signed in front of the notary yet. I understand there might be fees but can buyer sue me and agent sue me for his commission?
1 ANSWER
It completely depends on your contract.
If the buyer has the unilateral right to cancel the contract, then you do, too. You will need to have a a lawyer familiar with Steiner v Thexton review the contract to determine whether you have this option.
If the buyers miss any of the deadlines in the contract, such as the ones you listed, that might cancel the contract automatically, it might give you the right to cancel the contract, or it might give you the right to send the buyers a notice that if they don't waive the contingency and confirm they are going forward within some specified number of days, then you will cancel the contract.
If you don't have the right to cancel, then yes, both the buyer and the agent can sue you and win. The buyer can also prevent you from selling the property to anyone else until the case ends.
If you would like me to review the contract with you, please call me.
Dana Sack
510-286-2200
Answered on Apr 22nd, 2015 at 5:12 PM