We where suppose to have closed on dec,29 and we haven't
they are haveing title issues and now we have no clue when we will close now what how long do we have to wait to get the good faith mony back when can we look for a new home with out loseing alot of mony they want tell us please help
2007-01-16 05:35:50 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
When a closing date cannot be met it is usually known beforehand and an extension of closing date addendum is drawn up and buyer and seller signed. The extension allows for the solving of title issues and lender delays. The delay in your case is a seller related thing so your ernest deposit should be safe. If you have an agent this development is reflective of having an incompetent one. If you are buying a FSBO this is reflective of neither party knowing what to do at this point. Another issue here is the time of your loan lock. If you had a 30 day rate lock that could now be expired and you could become subject to a new rate. You need to contact your lender and check your loan status. The cloud on title might be a simple thing and be solved very soon. If there is a latent defect in title then the seller either didnt have a marketable property, or the clear right to sell. If that becomes the case then you can rescind your offer and get your deposit back. Often it is a boundary line dispute or a challenged lien that hangs up title. There are other issues then can slow title but the title company should be able to give you at least a reasonable time estimate for resolving their situation under review. You should have received a copy of preliminary title as part of your offer. I have had offers on propertys coming out of probate face this and it isnt really a deal killer. Your greatest concern should be on loan status. You can still extend the closing date but are now in essence out of contract. A real estate attorney can give advice and can check status for you with the title companys attorney. Some of that info might be confidential but you can at least obtain a feasible closing date. If that date isnt good for you then rescind your offer, and get your deposit back. You can e mail me with further questions if you wish.
2007-01-16 06:15:45 · answer #1 · answered by Kevin H 4 · 1⤊ 0⤋
Unless you signed an addendum extending the closing date, you no longer have a legally binding contract. You're free to walk away and get your earnest money back as of December 30th.
The contract specifies a closing date, and this is soemthing both ends must uphold. Because they are title issues, they are seller issues, which means the seller defaulted on their agreement. If they give you $hit for tryiing to walk away, tell them that THEY are the ones that defaulted on the contract.
2007-01-16 05:46:57 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Sorry to hear about your situation. It depends on how your purchase agreement was written. Typically there is a contingency (condition that must be met) stating that the owner has to provide you, the buyer with clear title to the home. In addition, usually one of the conditions is that closing must occur on or before a certain date. If December 29th was your date, the agreement may be null. If contingencies are not met, then it is typically written into the purchase agreement that you can get your deposit back. Laws differ from state to state and of course it depends on the exact wording of the purchase agreement.
2007-01-16 05:51:54 · answer #3 · answered by mortgagelns 3 · 0⤊ 0⤋
No written extension to the contract? If not, the contract has expired. Send in a "Terminate and Release" amendment to the contract demanding your earnest money back. The Seller has failed to perform.
Are you working with an agent? If so, it is their job. Make them work!
2007-01-16 05:51:49 · answer #4 · answered by David 3 · 2⤊ 0⤋
maximum first babies are late... and in case you've been born later than your due date, your first is even extra likely to be late. labor has a tendency to frequent 12-16 hours for the first infant, to boot, so that they are going to have time to get to you, likely- without leaving for each little cramp you journey. Congratulations and better of success with each little thing.
2016-11-24 21:24:28 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Just ask your agent to get the money back the contact ended on Dec,29th make her or him work for their money good luck
2007-01-16 05:58:02 · answer #6 · answered by pattibcacl 6 · 1⤊ 0⤋