FACTS: A buyer and seller entered in a residential contract with a close of escrow date of March 31^st.  The contract included a Buyer Contingency Addendum (“Addendum”).  Section 1 of the Addendum was utilized.  It read that the buyer had an accepted offer on his property, and that property was scheduled to close escrow on March 31^st, as well. 

The buyer’s property closed escrow on March 31^st, but the funds were not wired in time to close escrow for the property the buyer was purchasing from the seller.

The seller states the buyer did not meet his contingency because he failed to close escrow on March 31^st.  Therefore, he wants to cancel.

ISSUE: Was the buyer contingency met?

ANSWER: Yes.

DISCUSSION:         

Page one of the Addendum reads, “BUYER’S CONTINGENCY: If the pending sale of Buyer’s Property does not close escrow by [March 31], Buyer has three (3) days to waive this contingency by written notice to Seller in the manner required by the Contingency Waiver Provisions, or this Contract shall be deemed cancelled and Earnest Money shall be released to Buyer.”

Here, the buyer’s closing of his property DID occur on the date specified of the Addendum.  Therefore, the contingency was met.  The seller may now deliver a Cure Period Notice to the buyer for failing to close escrow on March 31^st.