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Dawn-Kenny
LIF Zygote
Member since 8/07 43 total posts
Name:
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Closing Question
Hi, I'm new to this board. I have a question about closing and being in default of contract. The seller we are buying from is a PITA and has scheduled and cancelled closing twice already! Our contract expires 10/15 and now she wants to close on the 17th. Problem is my rent is due on my apt on the 15 and I do not want to pay it-Is it normal to ask the seller to pay this expense seeing how its her fault we aren't closed by the date listed in our contract... Also our mortgage expires on 10/22-what happens if she cancels again and we don't close by the 22nd-is the seller reponsible for the new application costs etc? What if interest rates have gone up?
Thanks in advance-I am so frustrated!
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Posted 10/9/07 11:41 AM  |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Closing Question
So 9/15 was your on or about date, or 10/15 is your on or about date? You have 30 days from the on or about date to close. If you do not close by then, there should be a provision in your contract that the seller pays you money for each day thereafter - like they are paying you rent.
This should be in the contract, you should speak to your attorney.
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| Posted 10/9/07 11:43 AM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: Closing Question
Posted by SweetTooth
So 9/15 was your on or about date, or 10/15 is your on or about date? You have 30 days from the on or about date to close. If you do not close by then, there should be a provision in your contract that the seller pays you money for each day thereafter - like they are paying you rent.
This should be in the contract, you should speak to your attorney.
What Lauren stated! Talk with your lawyer!
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| Posted 10/9/07 11:48 AM |
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Dawn-Kenny
LIF Zygote
Member since 8/07 43 total posts
Name:
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Re: Closing Question
Posted by SweetTooth
So 9/15 was your on or about date, or 10/15 is your on or about date? You have 30 days from the on or about date to close. If you do not close by then, there should be a provision in your contract that the seller pays you money for each day thereafter - like they are paying you rent.
This should be in the contract, you should speak to your attorney.
Yes 9/15 was my on or about date. I do not believe there is anything in the contract regarding paying if we dont close...it only says she has to pay if we close and then she doesn't get out of the house within three days of closing. My lawyer basically said we either deal with it or cancel the whole transaction...but he is squeezing them for our apt rent, but he says they probably won't give it..
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| Posted 10/9/07 11:49 AM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: Closing Question
Posted by Dawn-Kenny
Posted by SweetTooth
So 9/15 was your on or about date, or 10/15 is your on or about date? You have 30 days from the on or about date to close. If you do not close by then, there should be a provision in your contract that the seller pays you money for each day thereafter - like they are paying you rent.
This should be in the contract, you should speak to your attorney.
Yes 9/15 was my on or about date. I do not believe there is anything in the contract regarding paying if we dont close...it only says she has to pay if we close and then she doesn't get out of the house within three days of closing. My lawyer basically said we either deal with it or cancel the whole transaction...but he is squeezing them for our apt rent, but he says they probably won't give it..
You're lawyer should be working for your benefits and making this deal worth your time and aggravation.
Honestly, if this seller continues to drag your heals, it may be better to leave the table, and find another house with a seller who wants to move!
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| Posted 10/9/07 12:01 PM |
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Dawn-Kenny
LIF Zygote
Member since 8/07 43 total posts
Name:
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Re: Closing Question
Posted by PotofLuck06
Honestly, if this seller continues to drag your heals, it may be better to leave the table, and find another house with a seller who wants to move!
This is how I am beginning to feel!
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| Posted 10/9/07 12:12 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Closing Question
Honestly, tell your lawyer to tell their lawyer than it's Oct 15 or nothing. You will pull out of the deal if it goes past that.
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| Posted 10/9/07 12:22 PM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Closing Question
Posted by Blu-ize
Honestly, tell your lawyer to tell their lawyer than it's Oct 15 or nothing. You will pull out of the deal if it goes past that.
ditto, also side note, have you talked to your landlord about the situation? Maybe you could pay a couple of days, not a whole months worth of rent.
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| Posted 10/9/07 12:33 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Closing Question
Posted by Blu-ize
Honestly, tell your lawyer to tell their lawyer than it's Oct 15 or nothing. You will pull out of the deal if it goes past that.
It's really not always that simple. Often, if the closing doesn't happen within 30 days of the 'on or about' clause in the contract, the lawyer on the other side (the side ready, willing, and able to clsoe) sends a "time is of the essence" letter to the other side, giving them a certain amount of time to close - say 10 days. Even if you do say Oct. 15th or we're out, that doesn't mean it's easy to get your escrowed money back even if you are entitled to it.
Also, just b/c your contract states that they have to be out within X days doesn't mean they WILL be -- and eviction can take a long time.
Pay the rent on time and try to get your lawyer to play hard ball. Try the "it's the 15th or it's nothing" tactic to see if it works -- but be prepared for it to backfire.
Make sure your lawyer is doing all he can for YOU.
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| Posted 10/9/07 1:04 PM |
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