What are my rights?

[mariafr]

What is the name of your state? CA
I’m currently in escrow. Escrow has been opened since April ’05 and is due to close (per the contract terms) on August 31, 2005. Can the seller attempt to re-negotiate a higher selling price or back out of the sale? This transaction is a seller to buyer transaction. The seller has recently given me an “ultimatum”…either I buy the house for a higher price or leave the price at the same purchase price as stated on the purchase agreement BUT pay NO rent for 1.5months after the close of escrow. In April I was well aware the seller might have to stay longer after close of escrow and we both were under the understanding that rent will be paid to us. The purchase agreement states that the seller only has three days after the close of escrow to vacate the home. There has not been any other written agreement between us that states the renting terms. Can you please let me know what my rights are in this situation? Is the seller allowed to cancel this transaction so close to the date of closing? What do you recommend I do?

[HomeGuru]

Originally Posted by mariafr

What is the name of your state? CA
I’m currently in escrow. Escrow has been opened since April ’05 and is due to close (per the contract terms) on August 31, 2005. Can the seller attempt to re-negotiate a higher selling price or back out of the sale? This transaction is a seller to buyer transaction. The seller has recently given me an “ultimatum”…either I buy the house for a higher price or leave the price at the same purchase price as stated on the purchase agreement BUT pay NO rent for 1.5months after the close of escrow. In April I was well aware the seller might have to stay longer after close of escrow and we both were under the understanding that rent will be paid to us. The purchase agreement states that the seller only has three days after the close of escrow to vacate the home. There has not been any other written agreement between us that states the renting terms. Can you please let me know what my rights are in this situation? Is the seller allowed to cancel this transaction so close to the date of closing? What do you recommend I do?

**A: have an attorney that you should have hired before signing the contract, review the contract.