Hi folks — I’m hoping someone can give some advice or shed some light on a crappy real estate situation. The background:
-we made an offer on a house (California), offer was accepted
-after inspection, we submitted a request for repairs
-seller refused all repairs and sent us a notice to perform (to release partial contingencies) and requested an answer by 5 pm on Sept 15
-we responded by sending a cancellation by 12 pm on Sept 15
-seller’s agent immediately put the house back on the market, but seller has still not signed cancellation (as of Sept 27) and so we haven’t been able to get our deposit back
Under CA civil code 1057.3, it looks like we may be entitled to a fine of between $100 and $1000 since there is no dispute. (“Any buyer or seller who fails to execute any document required by the escrow holder to release funds on deposit in an escrow account as provided in subdivision (a) within 30 days following a written demand for the return of funds deposited in escrow by the other party shall be liable to the person making the deposit for all of the following.”)
My questions: does our cancellation count as a written demand for return of funds, or would we need to submit a separate demand? Would we need a lawyer for this (if so, it’s probably not worth it)? Is this even worth pursuing???