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I am under contract to purchase a home in Nassau County, NY. The seller has 60 days from commitment to close.
They have just advised my attorney that they need an additional 3 months to close on top of the 60 days provided by the contract. The house that they are buying, the deal fell through and they are buying another house.
I told my attorney that there is no way we would agree to that and would pull out of the deal if we do not close by the time allowed in the contract. My rate lock has already expired and I will not be extending it.
Is there any way we can have the seller reimburse all of our expenses (appraisals, inspections, attorney fees, etc) once the 60 days is up?
The seller would be in breach of the contract in my opinion. My attorney told me that unless I can prove that the breach was wilful, then we cannot collect anything outside our deposit.
I am under contract to purchase a home in Nassau County, NY. The seller has 60 days from commitment to close.
They have just advised my attorney that they need an additional 3 months to close on top of the 60 days provided by the contract. The house that they are buying, the deal fell through and they are buying another house.
I told my attorney that there is no way we would agree to that and would pull out of the deal if we do not close by the time allowed in the contract. My rate lock has already expired and I will not be extending it.
Is there any way we can have the seller reimburse all of our expenses (appraisals, inspections, attorney fees, etc) once the 60 days is up?
The seller would be in breach of the contract in my opinion. My attorney told me that unless I can prove that the breach was wilful, then we cannot collect anything outside our deposit.
That's a legal question - answers better left to attorneys. Do you have a Real Estate attorney friend you could ask to verify?
Last edited by Elke Mariotti; 06-30-2011 at 01:47 PM..
That's a legal question - answers better left to attorneys. Do you have an attorney friend you could ask to verify?
Best answer is Elke's. Friends had a similar problem and their attorney was able to get additional $$ for them as the reason had NOTHING to do with the house for sale and all to do with the sellers "next" house. It is however, a crap shoot as you will have to pay the attorney for his time and only you can be the judge of how to weigh that option. Hope you have a REAL ESTATE attorney especially in this matter.
It is however, a crap shoot as you will have to pay the attorney for his time and only you can be the judge of how to weigh that option. Hope you have a REAL ESTATE attorney especially in this matter.
we were selling an estate condo and had a complication with a clear title. The buyer and their attorney were only looking for their deposit back if we didn't close by X date. I don't know - I doubt we were that lucky - that's just the way it is. Anyway, as luck would have it, we were able to have a small % held in escrow so we could close.
If you really like the house, why not just wait? Do you really want to start all over again? Im sure they wanted things to go smoothly, but things happen. I say work it out.
I spoke about this topic with two RE attorneys I know personally. They said it really depends on the contingencies within the contract.
But generally speaking, they both basically emphasized that typically, if a buyer really wanted to buy the house, they would give the extra time needed. Maybe add an amendment to the contract to put in additional contingencies and/or compensate for lost time (usually in a form of renting back the house for the lost period, paying for points on a mortgage rate, closing costs, etc....). This should have been in the contract though. At least, the attorneys I talked to said they always put that into the contract for any lost time.
Now, walking away from buying a house... Usually, if the contract was worded correctly, you can get your deposit + interest back. Not really sure of anything else unless it was put into the contract.
These contracts are pretty specific to the sale of a home. They aren't really complicated to read or understand.
Talk to your RE attorney to look into options based on wanting to buy the house or not.
I am under contract to purchase a home in Nassau County, NY. The seller has 60 days from commitment to close.
They have just advised my attorney that they need an additional 3 months to close on top of the 60 days provided by the contract. The house that they are buying, the deal fell through and they are buying another house.
I told my attorney that there is no way we would agree to that and would pull out of the deal if we do not close by the time allowed in the contract. My rate lock has already expired and I will not be extending it.
Is there any way we can have the seller reimburse all of our expenses (appraisals, inspections, attorney fees, etc) once the 60 days is up?
The seller would be in breach of the contract in my opinion. My attorney told me that unless I can prove that the breach was wilful, then we cannot collect anything outside our deposit.
I went in to contract in February and finally closed in August.
If you really want the house you should calm down, be patient and agree to the sellers wishes. The reason NY real estate transactions are so screwed up is the people involved in them. You can read that however you like.
If you don't want the house walk away. Simple.
Your lawyer is correct. RE contracts really don't mean anything and there is a million ways for both parties to get out of them unscathed.
Legal or not, it's kind of a shi.t.t.y thing to do to someone if it's not their fault.
I agree. Nothing like a little vindictiveness over being upset at an inconvenience.
Quote:
Originally Posted by scottzilla
I went in to contract in February and finally closed in August.
If you really want the house you should calm down, be patient and agree to the sellers wishes. The reason NY real estate transactions are so screwed up is the people involved in them. You can read that however you like.
If you don't want the house walk away. Simple.
Your lawyer is correct. RE contracts really don't mean anything and there is a million ways for both parties to get out of them unscathed.
Really. This is New York. There are no smooth real estate transactions here. There are only screwed up, super screwed up, and ultra screwed up. That's why you'll have a dozen people in the room at a closing.
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Do you have a Real Estate attorney friend you could ask to verify?
