10 month escrow (June '06) - Trying to cancel Contract with Buyer

[blufish]

What is the name of your state? CA

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 (BUT no addt’l written extensions were given there after)

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.

[seniorjudge]

Without reading your docs, I can't answer your questions.

Obviously, you need another buyer.

[4Labs]

Originally Posted by blufish

What is the name of your state? CA

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 (BUT no addt’l written extensions were given there after)

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.

If you wanted to cancel, why didn't you prepare Cancellation paperwork and advise escrow to draw up cancellation of escrow paperwork? Seems to me, somebody dropped the ball with regard to your cancellation agreements.