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What happens if closing is scheduled before the "on or before" date on a sales contract and the seller wishes to push closing all the way to the end date on the contract. We, the buyers want to close as scheduled, but the sellers want us to sign a Temporary Lease Agreement to allow for them to stay in the house past closing. They are low-balling the lease offer and are being very stubborn. Can they not show up to closing to sign the paperwork and stall the closing to the termination date of the contract, resulting in loss of rate lock, and other expenses?
What happens if closing is scheduled before the "on or before" date on a sales contract and the seller wishes to push closing all the way to the end date on the contract.
Quote:
Originally Posted by jgarcia02
We, the buyers want to close as scheduled,
Quote:
Originally Posted by jgarcia02
but the sellers want us to sign a Temporary Lease Agreement to allow for them to stay in the house past closing. They are low-balling the lease offer and are being very stubborn.
Quote:
Originally Posted by jgarcia02
Can they not show up to closing to sign the paperwork and stall the closing to the termination date of the contract, resulting in loss of rate lock, and other expenses?
You have a lot of questions and the answers are dependent on your area's laws and customs, and the contract.
It may be attorney time.
If the sellers are willing to, (and really don't want to sell) they can probably just stay in the house until you sue them to try to force close and to leave.
But you need good local legal guidance, for sure.
What happens if closing is scheduled before the "on or before" date on a sales contract and the seller wishes to push closing all the way to the end date on the contract.
I'm a little confused on this. Are you saying they want to close on a date that is after the "on or before date" or just want it to be the "on date"?
> Can they not show up to closing to sign the paperwork and stall the closing to the termination date of the contract, resulting in loss of rate lock, and other expenses?
I didn't read to the end.
I am not a lawyer. However I THINK that if the sellers do not perform as they contracted they are in breach of the contract. That doesn't mean the contract becomes void, it means that you can sue them for damages.
Who scheduled the closing for before the "on or before" date? Were the sellers and/or their agent consulted? Laws vary, as previously stated, but usually if the closing is going to be before the on or before date, both parties have to agree, so the sellers do, indeed, have until the last day of the contract to close unless they were consulted and agreed to an earlier closing date. The buyers can't just decree that it's going to be sooner, any more than the seller can.
Why was the on or before date set in the first place past the time you want to close and why did you agree to it in a written, signed contract?
More info is needed, then, and, yes, you might need to consult an attorney.
Who scheduled the closing for before the "on or before" date? Were the sellers and/or their agent consulted? Laws vary, as previously stated, but usually if the closing is going to be before the on or before date, both parties have to agree, so the sellers do, indeed, have until the last day of the contract to close unless they were consulted and agreed to an earlier closing date. The buyers can't just decree that it's going to be sooner, any more than the seller can.
Why was the on or before date set in the first place past the time you want to close and why did you agree to it in a written, signed contract?
More info is needed, then, and, yes, you might need to consult an attorney.
This.
And some personal advice - choose wisely what to "battle" for...is this really in your best interests? How likely will they cooperate if you JUST HAVE get the person thay repaired the whatever. Or, where is the valve shut-off. You get the drift - just because you got the contract got the loan, and closed, doesn't mean you won't require future cooperation.
We live in Texas, sorry I didn't post that from the beginning. My bank is notoriously slow on closings, so our agent build in extra time in the contract so there wouldn't have to be amendments. We wanted to close at the end of the month instead of the beginning of the month to minimize closing costs. The sellers were notified when the closing was scheduled, and waited 2 weeks to ask us to move closing back. We declined, as our closing costs would go up approx $500-600, and they responded with a lease back request.
Additionally we lose our rate lock when they are willing to leave. The sellers are motivated to sell and have been, but the house they are building will not be ready for more than a month and they wish to stay in the house an additional 12 days which is arbitrary.
What is really annoying is they are sticking to a lease back amount that is about $100 different from what we are asking. We are not trying to screw them, just want to recoup our PITI.
...The sellers were notified when the closing was scheduled...
As said above, from what you originally posted, both parties would have to agree to a closing date earlier than the "on or before" contract date. You can't just notify them, they also have to agree, which it appears they don't.
I also agree that consulting an attorney may be the best answer.
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