Do you have to close escrow?

[azhorsegal]

What is the name of your state (only U.S. law)? Arizona

If a buyer has opened escrow,removed all contingencies,signed all loan documents,provided certified closing funds to escrow,and received wire from lender to close, but elects to cancel for no reason- Does Escrow have an obligation to proceed to close and record?What is the name of your state (only U.S. law)?

[FlyingRon]

If you are the seller, I'd hope I had a liquidated damage clause and would not allow the escrowed funds to be released without recovering.

Other than that your question is somewhat ambiguous. The escrow can't close if one party is unwilling to do so.

[azhorsegal]

Thank you- In this case I'm speaking from the buyer's side- What are the possible consequences from the seller if they refuse to accept earnest deposit as damages?

[HomeGuru]

Originally Posted by azhorsegal

Thank you- In this case I'm speaking from the buyer's side- What are the possible consequences from the seller if they refuse to accept earnest deposit as damages?

**A: the case would go to mediation/arbitration if there is an arbitration clause in the contract. The seller can elect to demand specifc performance and request the entire purchase price.