Buyer will not sign cancellation of contract.

[Gene Hacker]

I am trying to figure out options on this. The buyer failed to close by the closing date and now the buyer will not sign Cancellation instructions created and sent out by the escrow office.  I think my next step is to hire an attorney to send a "demand letter".  If anyone has gone through something like this and has any insight, I would appreciate it. 

Background:

Our original contract was to close in July, but the buyer asked for an extension.  We offered to extend to late September in exchange the deposit would be nonrefundable and released to us upon signing the release. The escrow created an agreement that all parties signed and the funds were released to us.

The buyer reached out about a week before the closing date and asked for another extension.  We said they needed to close as agreed.

The closing date came and went and we did not hear from the buyers.

We sent them a Demand to close escrow which included a 72-hour deadline. The buyer sent a text in response saying they needed 3 more months.  

After 72 hours, we sent a Cancellation of Escrow and contract notice to the buyers and escrow. 

Escrow created and sent out Cancellation instructions which we have signed but the buyers have not. '

Now we are trying to figure out our next move.  

[Russell Brazil]

Why do they need to sign? Contract is already null if its past the date on the contract. Just move on and sell it to the next person. This is more of an issue for a buyer trying to get their EMD back.