Expert: Sue Bernstein - 7/25/2008

Question
Do I have the right to cancel a sale of my home if escrow does not close within the 45 days specified in the contract?  They have signed papers on Thursday and Friday is the final closing date.  I have not signed yet.

Answer
Elena,

You have the right to cancel if the buyer does not perform.  However, it is difficult to cancel if the escrow is just a few days late in closing. Many addendums discuss that escrows are complex and may not always close exactly on time. In California you must give the buyer a Notice to Perform before you can cancel. I am not sure which paperwork you are talking about.  Escrow instructions?  Loan docs? If you have not signed any of your paperwork yet it sounds like you are not performing either.

Hope this helps.

Sue Bernstein