Because of this missed closing date, we now have numerous expenses due to lost wages, hotel bills, etc. We cannot close on our house down south until we close in ny. Are we owed any compensation from the buyers? When we asked our lawyer he said tough luck. We're talking almost $600 and it's adding up quickly.
2007-12-17 19:53:39 · 3 answers · asked by Diane W 2 in Business & Finance ➔ Renting & Real Estate
Your ATTORNEY said 'tough luck'? Where did this clown get his law degree? At the Las Vegas College of Accupuncture and Law ? Or from a box of Cracker Jack ?
Assuming that you have a binding contract of sale (offer to purchase or similar) from these buyers, they are in default on the contract by not closing by the agreed date, and you ARE entitled to losses incurred by their failure to honor the contract as agreed. Get your attorney off his 'dead one' so that he starts representing YOUR interests. That's why you retained his services.
2007-12-17 23:41:33 · answer #1 · answered by acermill 7 · 3⤊ 0⤋
Unless you have given the buyers a closing extension, you no longer have a contract with the buyers. In your contract with the buyers you should have a clause that states what happens if they don't follow thru with closing. If the buyers put earnest money, you should keep the earnest money as a remedy. Always ask for earnest money when an offer is made on your home. Your lawyer should fight for you. Consult a Realtor they would give the best advice. If the buyer still wants the home raise the price by what your expenses have been. Good luck
2007-12-18 05:54:18 · answer #2 · answered by sorinrealty 2 · 0⤊ 0⤋
Your sales contract should have a time limit or escape clause.
2007-12-18 09:58:59 · answer #3 · answered by npk 7 · 1⤊ 0⤋