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Hello,
I was the buyer in escrow on a house in California and I put down a
$2000.00 deposit. Due to circumstances beyond my control, I was
forced to cancel the escrow 2 days before it was due to close. (I
should note that the seller had pushed back escrow twice because they
failed to get bankrupcy court approval to sell the house in time). I
figured that the $2000.00 deposit was a loss since I was the one to
pull out so I did not attempt to get it back. That same day my agent
had me sign a Release of Contract and the sellers agent had the
sellers sign the same Release hours later.
The Release of Contract states: Buyer and Seller mutually release
each other from all obligation to buy, sell, or exchange under the
Agreement and from all claims, actions, and demands which each may
have against the others by reason of the Agreement. Buyer and Seller
intend that all rights and obligations arising out of the Agreement
are null and void.
I should also note that the Seller was able to find a buyer the next
day for the exact same amount that I was going to pay and they closed
escrow within 3 weeks of the cancellation.
Now, four months later, the seller wants an obscene amount of money
that they claim were the losses incurred as a result of my cancelling
out of the escrow. They sent me a nasty letter and threatened to take
legal action against me if I did not pay them the amount immediately.
I passed the letter on to my realtor and my realtors attorney. They
both agreed that any lawsuit arising out of this will be instantly
thrown out because of the Release of Contract. I have not written
back to the Seller yet and I am wondering if I even should. If I do,
I will no doubt remind them of the Release of Contract that they
signed and deny any claims that they have. But, I am curious, am I
really released from any liability to the seller by this Release of
Contract?
I tend to agree with my realtor but I am not 100% positive given my
lack of experience in these matters. Does anyone out there have
anything to add? Am I liable for anything? Please let me know if I
have not provided enough details and I will write some more.
Thank you in advance,
Perry
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