I (buyer) want toBuyer's liability when backing out of escrow.

[calisnowripper]

My State: California

I am currently in escrow on a Single Family Residence that I wish to back out of. I realize that i forfeit my earnest deposit by doing so and I am perfectly okay with that, as I know exactly how much of an inconvenience this will be to the seller. I need to know what my liability is at this point.

The situation: Closing is 2 weeks overdue, do to a late start on my part, and the inability of inspectors and appraisers to contact the seller's agent resulting in multiple reschedulings. It's been bad business from the start.

I have been advised my my agent that the seller might have some right to sue me if they cannot sell their property for the price I offered them. How true is this? What is my recourse?

 

[HomeGuru]

My State: California

I am currently in escrow on a Single Family Residence that I wish to back out of. I realize that i forfeit my earnest deposit by doing so and I am perfectly okay with that, as I know exactly how much of an inconvenience this will be to the seller. I need to know what my liability is at this point.

**A: no one, not even the Seller knows what your liability is at this point.
********

The situation: Closing is 2 weeks overdue, do to a late start on my part, and the inability of inspectors and appraisers to contact the seller's agent resulting in multiple reschedulings. It's been bad business from the start.

I have been advised my my agent that the seller might have some right to sue me if they cannot sell their property for the price I offered them. How true is this? What is my recourse?

**A: it's true and you would be liable for damages.

 

[calisnowripper]

If the seller cancels the escrow (which I hear they were about to do anyway due to it taking so long) am I still civilly liable?

 

[HomeGuru]

If the seller cancels the escrow (which I hear they were about to do anyway due to it taking so long) am I still civilly liable?

**A: not if the Seller terminates and signs a total release.