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I recently bought a condo with a scheduled closing date for Nov 19. My agent said there are some issues with the title, so the seller needs an extension.
Do I have the right to walk away from the deal without losing my earnest money since the sellers were unable to close by the date on the contract?
This is my first time buying a property. I just want to know what my options are. I don't want to be in limbo for who knows how long. They never give me updates, unless I ask. I'm getting frustrated and don't want them to receive any commission. Can I walk out?
What does your contract say? It would probably be best to consult an attorney.
CLOSING DATE. The closing shall take place on or before the date set forth in Section 1E above. In
the event Seller is unable to conduct the Closing on or before the original Closing Date, then such
Closing Date shall be automatically extended for thirty (30) days; provided, however, that Seller,
Seller’s agent, or the Escrow/Closing Agent may give Buyer written notice during such thirty (30) day
period that it is ready to close and such closing shall occur within five (5) days following the written
notice. Escrow/Closing Agent is instructed to close Escrow on such dates set forth subject to each of
the following:
It sounds like the date will be pushed to Dec 19 (30 days after original closing date). Within that time they have to give me a 5 day notice to close. If they aren't able to close by Dec 19, I can back out?
I still think it's a good deal, I just don't want to wait months. I'm also really upset with my agent. There are plenty of similar properties.
You need to find out what the problem with the title is and how long it will take to resolve. You also want to make sure you do not get stuck with a title problem.
There are many different types of titles but not all are equal. You might cal a few real estate attornies and ask what they would charge you to protect your interest in this transaction. It probably won't cost as much as you might think.
You know you really just need to call a real estate attorney. If you are in a state that uses standard real estate contracts for agents then the attorney will be familiar with it and can answer your question in a few minutes. Most charge in 15 or 30 minute increments so it'll only cost you $100 or so to get your answer from someone familiar with your contract.
CLOSING DATE. The closing shall take place on or before the date set forth in Section 1E above. In the event Seller is unable to conduct the Closing on or before the original Closing Date, then such Closing Date shall be automatically extended for thirty (30) days; provided, however, that Seller, Seller’s agent, or the Escrow/Closing Agent may give Buyer written notice during such thirty (30) day period that it is ready to close and such closing shall occur within five (5) days following the written notice. Escrow/Closing Agent is instructed to close Escrow on such dates set forth subject to each of the following:
It sounds like the date will be pushed to Dec 19 (30 days after original closing date). Within that time they have to give me a 5 day notice to close. If they aren't able to close by Dec 19, I can back out?...
I also agree that you should consult with an attorney, or perhaps at least discuss with your agent's broker.
Just my opinion, but my take of the section of contract you posted indicates they are not required to give 5 days notice. The 5 days would only be required if they want to close earlier than the 30 day extended date.
I also would never agree to an automatic extension of the closing date (not standard in our contract).
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