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I am in the process buying a house i tonh. A month into the process, my lawyer told me that the title search shows theres 3 open permits. One active and 2 expired. He advised the seller's side to close it all out.
My mortgage comp dont care for it. Also title comp will go through with sale. My lawyer told me to let them fix it as per contract. Issue becomes how long it will take em.
I am in the process buying a house i tonh. A month into the process, my lawyer told me that the title search shows theres 3 open permits. One active and 2 expired. He advised the seller's side to close it all out.
My mortgage comp dont care for it. Also title comp will go through with sale. My lawyer told me to let them fix it as per contract. Issue becomes how long it will take em.
As long as they want. Sorry there is no way to tell. Based upon what a friend who works in the tax office told me about the current work load in the building dept. I wouldn't hold my breathe. The only hope you have is that the seller goes to the town with hat in hand and tells them a they have a hardship and need to move ASAP and hope they are motivated by it. The seller should put the hardship in writing and go to the office in person. Remember at all times that you are not dealing with humans rather a government agency, whose aim in life is to get to Friday, so they can relax after a difficult week of work.
You can of course can have your attorney draw up an escrow agreement to cover the unfinished work, as long as the sellers agree to it.
As long as they want. Sorry there is no way to tell. Based upon what a friend who works in the tax office told me about the current work load in the building dept. I wouldn't hold my breathe. The only hope you have is that the seller goes to the town with hat in hand and tells them a they have a hardship and need to move ASAP and hope they are motivated by it. The seller should put the hardship in writing and go to the office in person. Remember at all times that you are not dealing with humans rather a government agency, whose aim in life is to get to Friday, so they can relax after a difficult week of work.
You can of course can have your attorney draw up an escrow agreement to cover the unfinished work, as long as the sellers agree to it.
This process really threw me a curve ball in my timeline. Really upset at the seller's realtor for not disclosing this but then again, she probably didnt know about it. I called the realtor to complain about it and he was begging me to be patient and said owner is working with her contractor to resolve this matter. Im like good luck w/ Tonh, they are slow AF. My contingency says they have 30 days to cure it and if they cant remedy this issues & decide not to sell, they have to pay for title fees and survey. I eat my inspection fee, appraisal and legal fees
This process really threw me a curve ball in my timeline. Really upset at the seller's realtor for not disclosing this but then again, she probably didnt know about it. I called the realtor to complain about it and he was begging me to be patient and said owner is working with her contractor to resolve this matter. Im like good luck w/ Tonh, they are slow AF. My contingency says they have 30 days to cure it and if they cant remedy this issues & decide not to sell, they have to pay for title fees and survey. I eat my inspection fee, appraisal and legal fees
You don’t explain “cure”. Do you mean complete the work? If so, then unless you are concerned about something additional coming up, an escrow account will allow this sale to go through. The attorney will draw the papers requesting x dollars be withheld at closing and placed in escrow. Once you have the COC in place, the funds will be released to the seller.
You don’t explain “cure”. Do you mean complete the work? If so, then unless you are concerned about something additional coming up, an escrow account will allow this sale to go through. The attorney will draw the papers requesting x dollars be withheld at closing and placed in escrow. Once you have the COC in place, the funds will be released to the seller.
Cure means fixing it and singing off on the permit.
My attorney said the seller is working in scheduling inspection with tonh and no other time frame is given. Im like oh boy. This is going to take forever.
Ok I guess I am not making myself clear. So long as they are remedying the permit situation, you have nothing to worry about. You will protect yourself with an escrow. There is no need to discuss the inspection cost or your walking away.
You apparently put the 30 day stipulation in and honestly that is a very unrealistic expectation even in a slow world in the building dept. Have your lawyer remove the 30 days contingency clause and put in an escrow clause. What difference does it make to you? You will eventually get the inspection completed as it is in the works now, you will have your house closed and move in and the escrow means the seller is short money until the inspection is completed. Why are you making this so difficult?
Im not making it difficult. Giving them plenty of time to resolve it. Its 30 days additional on top of closing date. Makes it about 90 days. I wouldnt mind escrow to close too but i rather let the seller fix it. Anything could go wrong with an inspection
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