Opinion ID: 1271302
Heading Depth: 1
Heading Rank: 3

Heading: the closing

Text: The closing was to take place at 3:00 p. m. on Monday, November 8 in the Vail office of the Transamerica Title Insurance Company. An employee of Transamerica was to act as the closing officer. [5] After the parties assembled and the closing documents had been reviewed, Kaiser's attorney requested a recess. During the recess, Kaiser and his attorney obtained the funds necessary to tender under the contract. [6] Also during the recess Wright's attorney and the Transamerica agent spoke by telephone with representatives of the lienholders. When the closing reconvened later that afternoon, Kaiser's attorney asked for the releases of the encumbrances reflected on the title commitment. Wright's attorney advised that he did not have the releases. Kaiser's attorney then asked what documentation was present to assure that the title requirements could be satisfied. [7] Wright's attorney said there was nothing in writing but that he had confirmed by telephone that the lienholders had agreed to provide the releases. The evidence is conflicting on whether the Transamerica closing officer also confirmed to Kaiser this telephonic information regarding the releases. Kaiser's attorney then tendered a cashier's check in the proper amount and demanded performance in accordance with the contract, including conveyance of title free and clear of the liens. Wright's attorney said clear title could not be conveyed at that time because of the unreleased liens. Wright did not request an extension. Kaiser and his attorney then withdrew the tender, declared Wright to be in breach, and left the closing. Kaiser's attorney subsequently sent a letter on behalf of Kaiser to Wright and to Chaplin & Company demanding that the earnest money be returned. The earnest money was not returned and Kaiser brought this action against Wright and Chaplin & Company to recover that money.