Sal Simpson and Jeff Gibbons entered into a contract for Gibbons to sell his property to Simpson. The closing date was to be January 13, 2015. They also opened an escrow for closing and put the closing date as January 13, 2015. The contract provided that if the closing did not occur by January 13, 2013, either side could terminate the agreement. The property did not close on January 13, 2015, so
Gibbons sent a letter to Simpson canceling the transaction. The escrow agent received all the necessary funds and documents by January 14, 2015 and went ahead and closed on the sale. Gibbons wants his property back. Which of the following is correct?
A)?Gibbons must convey title to the property because all requirements for closing were met.
B)?Gibbons is entitled to have the title restored to him because the contract time for closing controlled the transaction.
C)?Simpson lost the right to purchase the property by having escrow instructions.
D)?Gibbons cannot stop the actions of an escrow company once the escrow is established.
B
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