Backing out of escrow

What is the name of your state? ca

We made an offer on a property on the provision that we had 7 days in which to withdraw pending the results of a home inspection. We gave a deposit of $10,000 good faith money which has been placed in escrow and after considering the H/I report, we have rescinded our offer in writing (within said 7 days) as there were more things that needed doing to the property than we had budgetted for/willing to accept... The problem here is the seller's agent is advising them not to sign the release form, has requested a copy of the report which we've supplied, and he has insisted to us through our broker that the sellers are leaning towards to making repairs to push through the sale despite the fact that we have conveyed that we no longer wish to purchase the property.

We explicitely entered the contract in the understanding from our broker that we could withdraw without risk of losing our deposit and now the Escrow Co. won't release the monies until the Seller's have signed, which they're refusing to do.

We realise that the sellers have their own position but we feel their agent has taken a hard line about our withdrawal. Our broker has confirmed that their agent is being "difficult" but appears powerless to retrieve our funds.

What legal rights do we have to get our deposit back?

[HomeGuru]

Originally Posted by Tess11

What is the name of your state? ca

We made an offer on a property on the provision that we had 7 days in which to withdraw pending the results of a home inspection. We gave a deposit of $10,000 good faith money which has been placed in escrow and after considering the H/I report, we have rescinded our offer in writing (within said 7 days) as there were more things that needed doing to the property than we had budgetted for/willing to accept... The problem here is the seller's agent is advising them not to sign the release form, has requested a copy of the report which we've supplied, and he has insisted to us through our broker that the sellers are leaning towards to making repairs to push through the sale despite the fact that we have conveyed that we no longer wish to purchase the property.

We explicitely entered the contract in the understanding from our broker that we could withdraw without risk of losing our deposit and now the Escrow Co. won't release the monies until the Seller's have signed, which they're refusing to do.

We realise that the sellers have their own position but we feel their agent has taken a hard line about our withdrawal. Our broker has confirmed that their agent is being "difficult" but appears powerless to retrieve our funds.

What legal rights do we have to get our deposit back?

**A: if what you stated is true regarding the home inspection contingency, then you have the right to terminate the sale and get your deposit back. Yor broker should have suggested that you hire an attorney to file an interpleader.

ca

Guru - Many thanks for your prompt response, yup, it is a contingency (fortunately!). Can you recommend a reputable real estate attorney in the San Gabriel Valley? We're new to the area and are unfamiliar with who's here and who's good.

Thanks once again (it's a great weight off our minds!)

[HomeGuru]

Originally Posted by Tess11

ca

Guru - Many thanks for your prompt response, yup, it is a contingency (fortunately!). Can you recommend a reputable real estate attorney in the San Gabriel Valley? We're knew to the area and are unfamiliar with who's here and who's good.

Thanks once again (it's a great weight off our minds!)

**A: check out [url]www.attorneypages.com[/url] and contact the local American Bar Association chapter.