10 month escrow (June '06) - Trying to cancel - Posted by JJ

import · April 13, 2007, 4:40pm

Posted by Rich on April 13, 2007 at 23:10:16:

Depends on what the purchase contract says, but if it has an expiration date and no automatic extension built in, then you should be able to write the escrow officer informing them that the contract has already expired and that there is nothing valid to sign.

import · April 13, 2007, 4:40pm

Posted by JJ on April 13, 2007 at 16:40:55:

Highlights

I am selling a property (apt.) in CA
Private sale dealing with buyer directly, also RE broker (I am not broker, but he is)
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 written extensions were given)

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

Even though I’ve informed him I?ve canceled the project, he 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.