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I am scheduled to close on our home tomorrow but recieved a last minute condition from under writers of the mortgage company that requires a document from IRS. This may delay the closing for a couple of days. Our contract expires tomorrow. The sellers real estate agent is not responding to my real estate agents attempts to contact them about an addendum to extend the contract a few days. My mortgage broker has also emailed the sellers agent to explain the situation and that the loan is not in jeopardy. Can the sellers refuse to sell us the property if we pass the close date which is the last day of the contract?
When you say your contract expires, do you mean your settlement date is tomorrow? Maybe part of this is local custom, but I've always known the contracts to call for settlement "on or about" and some language about good faith/best effort/whatever. If this is the case, I wouldn't give the sellers an idea you think otherwise.
Can the sellers refuse to sell us the property if we pass the close date which is the last day of the contract?
It depends on what your contract says. Regardless, the Sellers would be foolish to not accept a couple day delay in closing (unless they had a higher offer in the wings).
It depends on what your contract says. Regardless, the Sellers would be foolish to not accept a couple day delay in closing (unless they had a higher offer in the wings).
Every state has different laws. Did you contact your attorney? Is there First Right of Refusal Contingency? In the future put very flexible dates, I had my attorney put 30 (BUSINESS DAYS) for mortgage commitment and 45 (BUSINESS DAYS) for closing even tho we closed way before that time. Good Luck!
If the contract and contingencies expire and the seller will not signanything again tan you are out of luck but why wouldn't a seller not extend and get it over with unless it is the so called 10 attempt to close and extension needed....and seller doesn't trust it any longer or if the seller has higher offer ready to close with just a cash buyer that can close fast.
No one here is going to be able to give you the answer. You need to talk with a professional.
OR read the contract.
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