Is a real estate buyer obligated to close escrow on or before the closing date specified in the escrow?

This is why sellers need to use a licensed real estate broker or a licensed attorney when selling real estate. You have a contract, but you don't know exactly what the terms are. Most of the terms are whatever is in the escrow instructions you and the buyer signed. However, the buyer is in a position to allege almost any terms the buyer (or the buyer's attorney) chooses to make up. For example, they could allege that you agreed that they could take as much time as they needed to get the loan, as long as they were doing what they could.  Even if you had a contract, enforcing it in court generally takes at least a year. If you had a contract with an arbitration clause, it might take a couple of months, but I once prolonged an arbitration for nearly a year. Many parties to home purchase contracts choose to initial the arbitration clause in all the most common agreement forms used by brokers. You need an attorney to help persuade the buyers to cancel the contract, in writing, so that you can move on to the next buyer. Don't sign up a new buyer until after you get something in writing signed by the buyer canceling his or her claim against the property. If you appreciate this free advice, please remember to refer me to any friends or acquaintances who need a lawyer. Referrals are still our best source of new business. Do you have a revocable living trust to protect your heirs against probate? Probate takes forever, is expensive, and is annoying. Do your family a favor. Set up a trust, and put all your property, especially any real property, into the trust. Since it is revocable, you can change it, add to it, take property out of it, or even cancel it completely, at any time. We set up such trusts, provide a pour-over will as a back-up for any property that does not make it into the trust, provide you with blank durable powers of attorney for health care and financial decisions, in case you become incapable of making such decisions while still alive, and convey one piece of real property to the trust, usually the family home, for $1500.00. If you would like to hire me to do this, let me know, and I'll send you a list of the information I need. Dana Sack