Seller's not signing Escrow Cancel Instructions

[thurner]

I entered into a purchase agreement just before Thanksgiving in Southern CA. When the Disclosure information was given to me I found out that the empty field behind the house was going to become a major road. I submitted a letter indicating my desire to exit the deal (Dec 5th) the seller's agreed and the cancelation instructions were sent out (Dec 8th) by the escrow company. I have signed my copy but the seller's have not signed their's. What recourse do I have? What can I do to protect myself and my deposit which the escrow company can't release until they recieve the signed cancelation? Also the property is has been put back to active status and they even had an open house on Sunday Dec 17th.

 

[houser]

sounds like there is no meeting of the minds. Take a look at your purchase & sale agreement. It should mention what constitutes delivery. sometimes that is having the agent recieve the signed copy. If you had a real estate agent put the deal together, have the agent follow through.
Put pressure on the escrow company, they should still have your uncashed check.

 

[thurner]

The property is in Escrow so the check has been cashed and the money is now in an escrow account. The Seller's agent notified the Escrow company that the seller's agree to the cancelation of the transaction, but the seller's have not signed the cancelation instructions which precludes the escrow company from releasing the funds or canceling the transaction.

 

[houser]

It is correct that while in escrow, both parties have to agree in writing to rescind the contract. Again, look to your contract as to 'neighborhood review' time limits. If you had an out for a certain amount of time to approve the area, or a 'subject to building inspection' clause and responded within the agreed upon time, you are in the right. But that doesn't help getting the seller to sign. If he thinks that he cannot get another buyer, he could change his mind on the recission and press you for performance.
Have your agent go personally to the seller to have the paper signed.
If he signs, there still may be some acrued escrow charges to be split between you. If he doesn't sign, see your lawyer for protection against specific performance.