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I agree with Twinkles make your attorney do their job that's what they are being paid for. They signed the contract, they have to provide clear title, they don't get to dictate their latest terms.
The entire building was moved 3 blocks 20 years ago! Permit was opened for the move but never closed. The worst case is the entire building can’t be on the property! No way we would close with escrow. No idea how the seller thinks that’s even an appropriate option. We called the town and the current owners have filed the paperwork but everything is so far behind with how the market is right now. It could take another month or so. Seller says they’re not willing to wait to sell. We think they’re crazy thinking they can find someone to close on the house like this. It’s in our contract that they have to close all the permits. I was very adamant that that be put in there. I don’t understand how they think they can walk away if we do not accept the escrow. They signed the contract saying they’d complete this issue. Hoping our lawyer can come up with something. Craziness!
I doubt that any Title Company would issue a title policy in this situation, even with an escrow. Frankly, you are probably better off walking away.
We are currently buying a house on Long Island. We have been in contract since July. The house has a major permit open and cannot give us a clear title. The seller is threatening to back out if we don’t agree to close with some money in escrow. However, the contract states that they WILL PROVIDE A CLEAR TITLE. Our lawyer seriously recommends not doing this because of the severity of the permit. They cannot legally back out of this contract right? They are showing the house this weekend! And are asking 10,000 more than our current contract is agreed to. I think they’re tying to get out of contract to simply get more money. Does anyone know our rights here? I know our lawyer is speaking with theirs but I feel somewhat in the dark and would love opinions.
Curious, is your attorney a real estate attorney? Or a generalist?
Doesn't the contract have a performance date for the fulfillment of all contingencies and for the closing? Don't agree to extensions and hold them to the contract. If they can't provide clean title, walk and take the deposit with you.
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