Question Details

Hollyberry, Home Buyer in Stockton, CA

Purchased a home in Ca. Had a 17 day cancellation contingency in contract. Cancelled on the 6th day now seller refuses to sign cancellation letter?

Asked by Hollyberry, Stockton, CA Mon Oct 24, 2011

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You did not ask a question. You made a statement. We lack detail about the circumstances of your cancellation.

I would like to point out that the standard contract used in California contains verbiage in paragraph 14.F. that may be pertinent to your situation.
0 votes Thank Flag Link Mon Oct 24, 2011
Forgive me, as I do not know a-lot of the "lingo" that real estate/ broker agents do. I believe 17 days is the default contingency timeline in the contract that is used in most transactions. This is (was) an FHA loan. My lender found out that the program I was qualified under had been discontinued and offered to "rush" the loan through which I was uncomfortable with. She stated that I was still within my 17 day timeline to cancel the contract. I was only in escrow 5 days. No-one mentioned that my deposit money could potentially be held hostage. The other broker on the sellers side has dropped this client and states that I am on my own. Will I now be forced to go to mediation? Thank you for your time.
0 votes Thank Flag Link Mon Oct 24, 2011
By cancellation contingency do you mean property condition contingency, title contingency, financing contingency? What was the reasoning for cancelling?

Legally, you should consult an attorney about any problems with a contract. Believe it or not, real estate agents & brokers are not legally qualified to discuss the legalities of any contract.

In my (non-leagal advice) opinion, they seller cannot hold your deposit and require your performance on the contract without cause and could be subject to fines for not doing so. Ask your agent for a copy of the cancellation paperwork and it will likely say something to that effect on it - then walk it over to an attorney or contact the office broker to lean on the other agent.

Hope that helps.
0 votes Thank Flag Link Mon Oct 24, 2011
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