I was in the process of purchasing a condo and the seller keeps changing my closing date. The closing date has changed three times now, and only one time had it been approved by me. I have had to extend my lease two times and now I am considering not buying and was wondering whether he can be liable for the extended stay expenses. I now have to find a new place since the landlord had already promised my place. The place I was going to purchase was supposed to have been finished mid Dec and it is still not available. The realtor works for the same company that is representing the seller so she is not trying to help out at all. Is there anything I can do to hold the seller liable.
2007-01-23 08:41:26 · 8 answers · asked by Lid 1 in Business & Finance ➔ Renting & Real Estate
Check the purchase agreement. When I bought my house the rent back was $25 a day for one month, $50 the next month and $100 per day for the 3rd month and after - that finally blasted them out of there. If you're agreement doesn't specify, call a real estate attorney - you may be able to cancel the contract.
-MM
2007-01-23 08:49:23 · answer #1 · answered by Anonymous · 0⤊ 0⤋
basically everyone is saying the same correct thing: review your contract and talk to your real estate attorney. never work without your own Realtor, who knows "agency" and will take care of YOUR needs (and secrets)--it is true that it will not cost you anything.
did you allow the seller's agent to write that the closing will be ON OR ABOUT x of y month, (year)? if it says "on or about," you really need an attorney to write a letter to the seller demanding the closing.
never allow that to happen again, whether you are seller or buyer: always demand a specific date on which to close. the reason you should do that is because the interest for your mortgage commitment may change upwards if you wait too long to close. if you were the seller, would you want to let your buyer walk? who knows what happens to the market in time? as buyer, you agreed upon a specific price for specific real estate and performed because you secured a loan commitment.
as for possession, not closing, it should be specified in your contract that if you close and do not gain possession by x date (usually the same as the closing date), that you will get $y.00 per day every day after your possession date that you cannot move in. that amount should be equivalent to what you are paying for your mortgage plus some. we make our possession escrows very high to the seller to ensure that he gives you possession per the contract.
everything in the contract is to be followed in a timely fashion. i don't think your seller is living up to his obligation and therefore, it sounds as though you may have to sue for specific performance (to close at the price you paid, and immediately).
in states like california, no one uses real estate attorneys and the deal closes at a title company. if you are in such a state, ask the escrowee what to do about this.
smells bad in denmark.
2007-01-23 09:37:49 · answer #2 · answered by Louiegirl_Chicago 5 · 0⤊ 0⤋
I am a Realtor, and Real Estate LAws vary by state. I suggest you consult your attorney on this. (Does your state require an atty. for closing?) Depending on your state's laws, and the reasons for the delays, your seller could possibly be in breach of contract, or you could try a "time is of the essence" stipulation, to force him to perform. The Realtor might not be dong anything because she doesn't have the power to force the seller to perform. Your Realtor has certain responsibilities to you, which includes loyalty, based on our code of ethics. Your best bet is to contact a Real Estate Attorney, and find out your rights. Hope this helps, good luck!!
2007-01-23 08:51:42 · answer #3 · answered by Beck 2 · 2⤊ 0⤋
Yes: Immediately tell the seller in writing that you want (XXXX) at closing or the deal is off. Give 24 hours for a response. In the event that you don't hear anything. In writing request your funds back and act as if you are done with the deal. Do not accept any phone call promises. If someone says something tell them if it is not in writing it is no good.
Since you have agreed to one delay, don't agree to another unless you have concessions in writing.
2007-01-23 08:51:32 · answer #4 · answered by whatevit 5 · 1⤊ 0⤋
Look at your purchase contract. Many are written with provisions for not meeting the closing date. Generally they are aimed more at the buyer than the seller- but it might help you out.
2007-01-23 08:49:39 · answer #5 · answered by flamingojohn 4 · 0⤊ 0⤋
Good answers above. Don't EVER EVER work with the seller's agent again. Always have your own representative.
I can't figure out why people don't have an agent of their own. It costs you nothing and would have saved you a bunch of heartaches.
2007-01-23 09:13:55 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Yes, there are, but you will need a realtor who is working for you or a real estate atty.
2007-01-23 08:51:37 · answer #7 · answered by Phoenix, Wise Guru 7 · 1⤊ 0⤋
Man, I feel cold in this office. I need a jacket.
2007-01-23 08:48:32 · answer #8 · answered by Anonymous · 0⤊ 0⤋