[WSBARP] PSA Seller refuses to close; Buyer's right to withdraw funds?

[Richard Holland]

I haven't had the specific situation come up with a cash transaction but we had an escrow transaction where the funds were wired in from a lender and a similar dispute developed.  After consulting with the buyer's attorney, we returned the money to the buyer's lender as of course the lender was insistent and the buyer had no desire to make payments on money sitting in my trust account.  We provided proof of deposit etc. to the buyer in their lawsuit and, to my knowledge, the fact that the funds did not remain on deposit with us never was an issue in the case as at the time performance was due, the buyer was ready willing and able to perform.

Thanks,

Rich Holland
rich at pnwle.com<mailto:rich at pnwle.com>
733 7th Avenue, Suite 110
Kirkland, WA 98033
425-836-6240  / 425-748-3901 (fax)

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From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Eric Nelsen
Sent: Thursday, July 07, 2016 10:17 AM
To: WSBA Real Property listserve (wsbarp at lists.wsbarppt.com) <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] PSA Seller refuses to close; Buyer's right to withdraw funds?

Standard residential PSA, closing was set to occur last week. All-cash deal, no financing. Buyer timely deposited all funds, but Seller has refused to complete the sale or even sign closing documents.

Buyer intends to file for specific performance, but in the meantime: Is there any problem with the Buyer withdrawing all funds from escrow at this point, while sending the Seller a letter confirming that the Buyer reserves all rights and intends to sue for breach of the contract? Buyer has already clearly demonstrated willingness and ability to timely close the transaction and I do not think the full purchase price should have to sit for months in escrow until the litigation is resolved. Any other thoughts or advice?

Sincerely,

Eric

Eric C. Nelsen
SAYRE LAW OFFICES, PLLC
1417 31st Ave South
Seattle WA  98144-3909
phone 206-625-0092
fax 206-625-9040

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Our new address is 1417 31st Avenue South, Seattle WA 98144. All other contact information remains the same.

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