Asked by Kevin, Orange County, CA • Thu Apr 5, 2012
This is my situation at the moment: Seller want to cancel due to delay. Escrow close date is March 23rd and today is April 5th. The delay is mostly bought on by the appraiser making several mistakes causing us a 3 week delay. Seller claim each day pass the end of March is costing him money (loan interest) and want to cancel the transaction unless we compensate him.
I've read around and some place said the seller have the right to cancel and some said the seller can't cancel. One site said the escrow close date isn't set in stone while other site said once its pass the escrow close date the contact is no longer valid. I am looking for more definite answer.
PS we never apply for an extensive since we both side assume it would be finish within the month on March and didn't think it would go into April. There was never anything in the contact about closing at the end of March.
We are pretty much in the final stages and looking to close within the week.
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