Q: I need to know if I could cancel escrow days before closing. I'm in a lease with the option to buy which I exercised
The least does not expire until February, and the lease has been paid in full. I'm not asking for any money back. I just need to be out of escrow and on the lease so I can take care of my personal situation that has changed rapidly.
A:
In California, the ability to cancel escrow before closing depends on the terms of your lease and the purchase agreement you signed when exercising your option to buy. Generally, once you have entered into a binding purchase agreement, you may not be able to simply cancel the escrow without facing potential legal consequences or financial penalties.
However, given your unique situation with the lease not expiring until February and the lease being paid in full, you might have some options:
1. Review your lease and purchase agreements carefully to see if there are any provisions that allow for cancellation or backing out of the purchase.
2. Discuss your situation with your real estate agent and the escrow company to see if they can provide guidance or alternatives.
3. Consult with a real estate attorney who can review your contracts and advise you on your legal rights and options based on your specific circumstances.
4. Negotiate with the seller to see if they are willing to mutually cancel the purchase agreement and extend your lease. They may be open to this, especially if you are not asking for any money back.
Remember that canceling escrow unilaterally without a valid reason stipulated in the purchase agreement could lead to legal issues, such as the seller pursuing you for breach of contract. Therefore, it is essential to carefully review your agreements and seek professional advice before taking any action.
A:
Thank you for your question!
Check the escrow instructions to see if there's a provision for cancellation. You probably need to pay some money to get Beach the contract.
Also, if you have a valid reason in good faith, you can come out of the context. For, there is a hidden defect with the property that you had no reason to know about.
This is merely a discussion of general laws and not legal advice. For legal advice, more specific facts and investigations are needed. I recommend you consult with an attorney for more details.
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