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Does it have to be agreed to in writing?
If it never was, what are my options as a
seller?
Already accepted a break even price but as time goes by, I incur additional costs in taxes, HOA fees, utilities and that does not sit well
Does it have to be agreed to in writing?
If it never was, what are my options as a
seller?
Already accepted a break even price but as time goes by, I incur additional costs in taxes, HOA fees, utilities and that does not sit well
Yes, closing date should be established in your contract, along with remedies for either party if the other misses the date.
it = closing date; never set in the contract or...
it = extension of closing date.
the first is a big problem, but I doubt it's the ? Thye 2nd may or may not be an issue depending on what your contract says about the closing date, just as MikeJ suggested.
That varies by state, and can only be answered by: verbiage in your contract; your Realtor; your attorney.
So, "it depends" ...
In NC, for example, either party is allowed to miss the precise date with "good reason", but they must close within 14 days of that date. This is a VERY basic incomplete interpretation of our contract.
If a Buyer on my listing said for some reason "hey, we need to push closing 3 days for this reasonable thing"....then I'd usually advise NOT changing the closing date. Because the 14 days is from the contractual closing date ... why give them an unneeded extra time?
In New York at least there is an automatic 30 day extension for the closing date.
If you intend to enforce any cutoff date in the contract, you must also give formal notice that you intend to invoke the clause, and this notice also creates an automatic 30 day period before you can invoke the cancellation. So you have to give the notice 30 days before the date you want or wait 30 days after the notice.
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