Asked by Cameron Wu, Los Angeles County, CA • Sun Jun 3, 2012
I have a question regarding Escrow rules and I have not been able to find any clear answers regarding my situation. I am the seller of a property and entered into Escrow with a buyer and the transaction fell through. It is now 36 days passed its closing date and the Buyer refuses to sign off on the cancellation documents. I have another offer on the property and I would like to enter into Escrow for this transaction. Is this permissible to have two Escrows open? My other escrow is being held hostage by Buyer and I really need this other transaction to go through. Buyer refuses to sign and take the earnest money deposit back.
Does Escrow automatically lapse? The close of escrow was supposed to be April 27, 2012 and the signed purchase agreement specifies that Close of Escrow would occur on that date. I wish to remain compliant with the law before I enter into Escrow again.
Real Estate in Las Vegas
Popular Categories in Las Vegas
Email me when…
Success! Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime!