Scenario:
Purchase all but ready. Contract signed. Loan commitment letter in place. 1/2 of down payment tendered, in escrow. All that is in wait is the closing.
Seller's side asks for a few weeks postponement of closing because of some document they need to get (stock certificate?).
Problem: my mortgage is locked-in and it has been extended FOUR TIMES (the maximum number of extensions the bank will allow) and this will cost me hundreds.
If the closing does not take place sometime next week, the mortgage will expire and I will have to get a mortgage at a much higher rate.
To make matters worse, my lawyer only found out today that the rate had been extended all this time.
Who's at fault here?
Can the closing still happen in time? (My lawyer is mad as hell and is going to pressure the seller's lawyer re: my rate/mortagage)
If the mortgage expires before the closing does take place, can I take any legal action against the seller for delaying the closing?