Philadelphia, PA asked in Real Estate Law for Pennsylvania

Q: Escrow issues

I placed a cash offer on a home. My realtor told me in 5 days to put escrow. I ask would I lose my escrow if I change my mind. She said as long as money hasn't exchange hands and it's before the 5 days then no I wouldn't. Now in the 3rd day we change our minds and now the buyers are wanting the escrow. So also we noticed after a 2nd look there was a huge leak in tub leaking in basement, which is wasn't put on seller disclosure. So my question is I'm I still liable to pay out escrow?

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1 Lawyer Answer
Nellie T Schulz
Nellie T Schulz
  • Philadlephia, PA
  • Licensed in Pennsylvania

A: There is no way to answer your question without knowing (a) whether the buyer signed the agreement of sale; (b) if the buyer signed the agreement of sale, what the agreement said about the buyer’s obligation to pay a good faith deposit (a.k.a. escrow amount); and (c) whether the agreement of sale made the buyer’s obligation to pay the good faith deposit contingent on the buyer’s satisfaction with the Sellers Disclosure Statement.

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