Home Buying in Orange County>Question Details

Melissa Chel…, Real Estate Pro in Orange, CA

Can the listing office cancel escrow if it is expired/past COE?

Asked by Melissa Chelius, Orange, CA Mon Jan 28, 2013

If you are in an escrow, with all repairs, investigations, etc. completed, and only waiting on the loan to close, can the listing office cancel escrow if it is taking too long/past the contracted COE date?

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Answers

6
Hi Mellissa, i hope things have been cleared up since you question was asked. Thom is correct but I would like to add something....

A seller has a right to cancel the contract if the buyer is not performing. The only way they can do that is if the seller has sent you a notice to perform. in your RPA, you agreed to perform cerain things in a timely manner. If the timeframe has passed, the seller MUST send you a notice to perform first. Once that has been sent, you have an agreed amount of time to correct the default. if you don't correct the default, then the seller CAN unilaterally cancel the contract if they feel the need.

That being said, escrow will typically not do anything (return deposits, etc) without joint direction from both the buyer and seller.
0 votes Thank Flag Link Sun Feb 3, 2013
@Dalinda, How can the escrow be cancelled if the Agent is MIA? The Broker cannot cancel it. The only people who can cancel the escrow and release the deposit is the Buyer and Seller.

If you have another "legal way" to do it without the Buyer and Seller, I'd love to know what it is....
0 votes Thank Flag Link Sun Feb 3, 2013
Is possible if your agent is MIA!!!
0 votes Thank Flag Link Mon Jan 28, 2013
Hi Melissa....

Call me to answer questions! Glad you are buying a home!

Linda M. Lukas (Knable)
Lukas Properties
714-381-1723
0 votes Thank Flag Link Mon Jan 28, 2013
Hi Melissa,

If an Extension Of Time has not been signed by all parties, the contract is no longer valid. The listing office can't cancel escrow - the seller and buyer do that. However, the listing agent can contact escrow to give them a heads up that the deal is dead (since the contract is expired). This way escrow doesn't spend any more time working on a file that needs to be closed.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Mon Jan 28, 2013
You shoudl direct this question to your Broker - But,

Based on the limited information in your question. The only parties that can actually cancel the Escrow is the Seller and the Buyer (They BOTH have to sign cancellation instructions). No one else is a party to the Escrow.
0 votes Thank Flag Link Mon Jan 28, 2013
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