Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 2 years ago,
Help!House caught on fire during escrow, can the seller back out.
Hello All,
I was in contract to purchase a duplex in California. Unfortunately, two weeks before closing, one of the units had a small fire due to electrical issue that render that unit inhabitable. The seller's insurance is going to take care of all the repairs. The insurance company says the the repairs can take 4 to 6 months. As the buyer, I would still like to purchase the property after the property is repaired by the insurance company. But now the seller wants to cancel the contract saying he doesn't want to have the property on the market during the 4 to 6 months and wants the ability to rent out the other unit while they are working on the repairs. I think the seller actually no longer wants to sell the property since we were able to remove the tenants (who were paying way below market rates) and he can possibly rent the units at market rates or sell for a higher price once all the repairs on the unit is completed. Is the seller legally able to back out of the sale, or can I force him to sell the property to me?