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Another option is to allow this one last extension if they agree to no longer sue for more extensions regardless of HOA issues and letting them know they will be lose their earnest money if they can't comply and have it in writing with them signing on video. If they can't agree to that you know they are just stringing you along and are not ready to close. Ask your listing agent for help and advice or any ideas and tell him to talk to their listing agent.
Buyers were to close the PURCHASE OF MY CONDO on May 15, but then sent me an extension till 23rd. I agreed. Now, they’re still not ready and want to extend again till 30th of May, because when I called escrow they said buyers don’t have loan documents yet or didn’t provide. Can I get out of the deal? If so, buyers might sue us, they confirmed that to my agent. The reason being that HOA delays providing docs. Since HOA is technically on my side, I could be sued.
Time is of essence is present in the agreement.
What are the HOA docs the buyers are waiting for? The CCRs and other applicable docs must be recorded in the chain of title to be valid. As such, they are public docs. Our CCRs are also on the HOA web site. If they want a statement that no dues are owing or no violations are being pursued by the HOA, then light a fire under the HOA to provide the info. I am surprised your agent has not done so. A couple of years ago, we sold a house subject an HOA. The agent contacted them immediately after we received an offer to produce their docs.
How can you be sued if the contract calls for closing at a date certain and that does not happen? You have a voidable contract and if you want to "decline" an extension, you can. You have extended twice now, correct? It is reasonable for you to request a non-refundable extension to their earnest money for a 3rd extension. It is your HOA. Why don't you speak to them yourself?
Buyers were to close the PURCHASE OF MY CONDO on May 15, but then sent me an extension till 23rd. I agreed. Now, they’re still not ready and want to extend again till 30th of May, because when I called escrow they said buyers don’t have loan documents yet or didn’t provide. Can I get out of the deal? If so, buyers might sue us, they confirmed that to my agent. The reason being that HOA delays providing docs. Since HOA is technically on my side, I could be sued.
Time is of essence is present in the agreement.
Escrow company said buyers didn't provide loan documents.
I would suggest calling the escrow company again to be clear on what documents are missing. The HOA nonsense sounds like a distraction.
As to whether to extend or not, that is up to you.
IIRC, contracts we've signed say contingent on obtaining financing. If yours is the same, it means if they can't get the financing lined up, they can walk and take their earnest money with them.
You may want to consider offering the extension with the contingency that if it doesn't close by the 30th, financing or no financing, you keep the earnest money.
Smart condo buyers want to see the condo association financial reports to assess the strength of the association and their reserves.
It can be difficult to acquire those statements.
In some areas, the sellers are responsible to arrange delivery of that information, per local rules and law and/or their contract. OP says, "...since the HOA is on our side..."
I.e., the OP is wondering if they are at fault, in breach, etc.
The only right answer for the OP is, "What does your contract say? What do your local rules and laws say?"
I've seen hoa and condo documents several times but did not know it was kind of confusing and difficult in Florida. A friend sent me this. Not very recent but she says it's still the same so I guess I can understand the delay: https://www.legalscoopswflre.com/con...ts-in-florida/
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