Please help in writing a sample escrow cancellation letter from as a buyer in the following scenario:
The buyer will not move forward and complete the deal of purchasing a xyz restaurant due to lease terms of 10 years instead of 15 years. The buyer has initially asked for a 15 years lease and before the start of escrow, the agent said that the landlord has agreed to the 15 years. However, when time near completion of escrow, the agent said the landlord only agreed to 10 years lease. The buyer has spoken to the landlord multiple times over the phone and she is firm with her decision of 10 years and no modification will not done to the lease terms. Therefore, as a result, the deal will not be done due to the lease terms is not satisfy with buyer. Please cancel.
I have outlined a response for you. For information purposes, these types of letters have different requirements for different states. Please know this is a general statement. You will want to date it and address it as shown in your textbook or according to the class notes.
This letter is to notify the sales agent and seller that the buyer for the xyz restaurant has decided not to move forward with the purchase of the restaurant. ...
A sample letter to cancel escrow is provided in the solution.