Residential Purchase Agreement

E close of escrow before seller or buyer may cancel

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Unformatted text preview: h the transaction; and (iii) assumed all liability, responsibility and expense for Repairs or corrections or for inability to obtain financing. E. CLOSE OF ESCROW: Before Seller or Buyer may cancel this Agreement for failure of the other party to close escrow pursuant to this Agreement, Seller or Buyer must first give the other a demand to close escrow (C.A.R. Form DCE). F. EFFECT OF CANCELLATION ON DEPOSITS: If Buyer or Seller gives written notice of cancellation pursuant to rights duly exercised under the terms of this Agreement, Buyer and Seller agree to Sign mutual instructions to cancel the sale and escrow and release deposits, if any, to the party entitled to the funds, less fees and costs incurred by that party. Fees and costs may be payable to service providers and vendors for services and products provided during escrow. Release of funds will require mutual Signed release instructions from Buyer and Seller, judicial decision or arbitration award. A Buyer or Seller may be subject to a civil penalty of up...
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This note was uploaded on 06/25/2013 for the course BUS 320 taught by Professor Staff during the Spring '11 term at S.F. State.

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