The contract was a C.A.R. land purchase agreement with a liquidated damages provision. - The buyers signed the release of contingencies at the end of the 60 days due diligence period - Buyers didn’t perform and asked an escrow extension of 4 months which was granted against a full release of the earnest deposit - Buyer signed the release and EM was transfered by the escrow company to my account- After the 4 months period buyers failed too close again- I served a notice to perform as well as a demand to close escrow- Sent the cancellation of contract and escrow but buyers refused to sign and informally communicated their desire to recover their EM- I refused to return the EMWhile the contract is likely dead, the unfortunate consequence of this situation is that the open escrow must be disclosed to the new prospective buyers which obviously is a turn off and causes me financial damages.I talked to an attorney who thinks the contract is void and suggested sending a formal letter to the buyers from his office to have them sign the cancellationThoughts anyone?

@Dave E.

It doesn't apply to a holdover tenant after their lease has expired.

It gives you some liquidity, but you don't have any interest to access that money until you draw on the line of credit. 

Am I able to file a schedule E next year if I am receiving income as an individual? 

I have 5 students who's lease expired and they all moved out, upon inspection inside my rental home, I found damages, took photos of it. hired some contractors from thumbtack app and facebook locally to fix some major wall scuffing, repainting  and many more issues. 

When does the Certificate of Occupancy expire?

This would then give you time to view it between the contingency expiration

@Alejandro Navarro ask the listing agent when the tenant's lease are set to expire.

Reading between the lines it sounds like you would not be renewing this lease when it expires is that correct?