I am a seller in Escrow – my life has changed for the better – can I get out of Escrow?

Want to back out of a sale of my house. I live in
CA
My life has suddenly changed for the better. I
don’t want to sell my home now but am in
Escrow. Can I get out? Cancel?

Asked on July 1, 2017 under Real Estate Law, Alaska

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

You can only get out of the contract if--
1) There is a clause or provision in the contract allowing you to cancel, and you comply with any of the terms or requirements of that clause; or
2) The buyer breaches (violates) the contract in a material (important) way, such as by not being able to close.
Otherwise, the change in your life circumstances is completely irrelevant: contracts are enforceable even if it would be better for one of the parties to get out of the contract. If you refuse to sell, the buyer can sue you and seek a court order compelling the sale (called seeking "specific performance" of the contract), and/or seek what might be significant monetary compensation (called "damages") from you.


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