As the English might say, “This is a sticky wicket” that you are in. However, it is not unheard of that a Seller changes it’s mind at the last minute. This has indeed happened in the past to a client of mine. Get an attorney. He or she will likely straighten this out in short order. You will either end up with the property or you will likely get your full funds refunded if that is your choice.
It is true that the Escrow holder cannot singularly cancel the escrow and return funds, unless the Escrow Instructions allow for it. However, the Seller appears to be clearly in default of the agreement.
My advice, is don’t fret, as long as you get decent representation. It will likely only take an attorney letter to the Seller, but if more is required your counselor will certainly guide you.
Onward and upward Peter…. Rob Baird, CA RE License #544165 (One of the oldest, active licenses in CA) 951 515-5855 Email: firstname.lastname@example.org
Apr 12, 2011