Reply to Seller can't close on time-- buyer have a right to back out?

Forum Index » Real Estate

Reply to "Seller can't close on time-- buyer have a right to back out?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]OP here.  We do have a settlement date in the contract.  This is for a home in VA (if that makes any difference).  If the seller wants an extension, do we need to accommodate them?  May prefer to back out than wait indefinitely.  Thoughts?[/quote]

How long of an extension to they need?  Can you accommodate them for this amount of time?  And what is the reason for the extension?  And how much inconvenience is it to you?  All of these are relevent questions.

If it is just an extra business day or two, then you determine what this will cost you (perhaps fees for changing moving companies, hotel stays for your family, transportation costs if you have to make last minute changes, etc) and if at all possible, you accommodate them.  If you cannot accommodate them, for example your rate lock expires or your moving company is scheduled and you cannot change the delivery date, etc) then you do not agree to the change and you force them to adhere to the date.

Ultimately, however, it would be far better for you to consult with a real estate lawyer in the jurisdiction of the sale to determine your legal rights and penalties in this situation than to get possibly completely wrong information on an anonymous discussion board.  A real estate attorney will likely only cost you a couple hundred dollars for a consultation on the issue. And in this case, do not ask your realtor for a recommendation because your realtor is part of the problem here.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics