Let's pretend the seller wants an extension and your financing rate lock expires. You now can no longer purchase the house w a 3.5 rate - but the new rate is 4.

You definitely have a right to back out.

What did your buyers agent say?

Anonymous wrote: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?

Do they have a rent back clause?

Don't you close when your loan says you will close? I didn't think sellers have any control on the closing date once it is written in the contract...

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?

Anonymous wrote:

Anonymous wrote:Time is of the essence is specifically mentioned in the regional sales contract which is standard around here. Buyers don't have to specify that.

Real estate attorney here. No it isn't.

It's not in Paragraph 30? I could have sworn I saw it there.

Oh, yeah - there it is.

"30. TIME IS OF THE ESSENCE AS TO ALL TERMS OF THIS CONTRACT."

Anonymous wrote:Time is of the essence is specifically mentioned in the regional sales contract which is standard around here. Buyers don't have to specify that.

Real estate attorney here. No it isn't.

Try to be accommodating , the seller could course another buyer for more money since appreciation is 2% a month

Does the contract have a period to cure? If the seller is asking for a brief extension - and is willing to pay for any of your inconvenience, then you may have difficulty in backing out of contract. If, however, the seller seems not to be able to get to closing ... or if the delay is for an unspecified period of time, then you don't have to wait around. Read the "Default" clause in your contract.

Why would you want to back out? Presumably you want the house sold, right?

Time is of the essence is specifically mentioned in the regional sales contract which is standard around here. Buyers don't have to specify that.

Not unless you specified that time is of the essence or if the extension is unreasonably long.

Where and how much, I will wait for the contract date lol

Anonymous wrote:Isn't he closing date in the contract?

+1. What I don't know is what the remedy for this breach would be. Talk to a real estate attorney if you think this might be an issue.

Isn't he closing date in the contract?

Not likely, unless you mutually agree to it.

Our sellers will unlikely be able to close on the settlement date. Do we, the buyers, have a right to back out based on this breach of agreement?