Question
After breaching his contract to buy Cindy Loo Who's home in Whoville, Max D. Grinch taunted Cindy that she would never see a dime of
After breaching his contract to buy Cindy Loo Who's home in Whoville, Max D. Grinch taunted Cindy that she "would never see a dime" of the $75,000 that he had deposited with Dithering Escrow just after signing the purchase/sale agreement.
According to the terms of their agreement, based on Max's conduct, the agreement and the escrow clearly were over, and Cindy legally was entitled to that money.Cindy contacted Dithering Escrow and orally demanded that the escrow company formally cancel the escrow and immediately pay her that $75,000.
Under these circumstances, what will happen?
(a) State the legal position/role of escrow in a real estate purchase/sale transaction, specifying what gives the escrow agent power to act; (b) state what escrow must do (and/or wait for) when one party is in breach of contract; and (c) explain what this escrow should do with the breaching buyer's deposit money.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started