I had been scheduled to close on a condo in a new development tomorrow and move in on Friday (June 26). At the last minute, the sponsor has informed me that they are unable to close. The reasons are complicated but have nothing to do with me. They do, however, have to do with third parties that the sponsor cannot control. As a result of the failed closing, I will incur (i) another months' rent... [more]
I had been scheduled to close on a condo in a new development tomorrow and move in on Friday (June 26). At the last minute, the sponsor has informed me that they are unable to close. The reasons are complicated but have nothing to do with me. They do, however, have to do with third parties that the sponsor cannot control.
As a result of the failed closing, I will incur (i) another months' rent (incidentally, the sponsor and the landlord to whom I currently pay rent are the same entity, though the two sides don't seem to communicate internally), (ii) a rescheduling fee from my moving company and (iii) potentially (not yet confirmed) a fee from my lender for breaking the closing.
My question: what recourse, if any, do I have against the sponsor? Can I in good faith ask that they rebate me the amount of these costs?
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Response by Riversider
about 17 years ago
Posts: 13573
Member since: Apr 2009
none
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Response by scoots
about 17 years ago
Posts: 327
Member since: Jan 2009
ask your lawyer ...
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Response by Downtownster
about 17 years ago
Posts: 140
Member since: Mar 2009
Hey stlblufan - long time, no see - what's the reason for the holdup? Are there concessions that aren't too pricey for them but valuable to you?
tell them "no deal" and walk away. a better deal will be right around the corner. guaranteed. patience and timing my friend. patience and timing.
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Response by 30yrs_RE_20_in_REO
about 17 years ago
Posts: 9913
Member since: Mar 2009
READ YOUR PURCHASE AGREEMENT. I'll bet it's even in English.
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Response by mad0415
about 17 years ago
Posts: 60
Member since: Mar 2009
Better yet, consult your attorney - if for some reason you don't have one, get one. I got $100 says he/she can READ YOUR PURCHASE AGREEMENT much more precisely than you can!....and, obviously, don't sign an f'n PURCHASE AGREEMENT to begin with without good legal oversight. Attorney's and accountants are worth their weight in gold (or diamaonds, bonds, cash, whatever the f is the 'in' currency)- when you find a good one - that's the trick....
none
ask your lawyer ...
Hey stlblufan - long time, no see - what's the reason for the holdup? Are there concessions that aren't too pricey for them but valuable to you?
-DT
http://downtowny.blogspot.com
tell them "no deal" and walk away. a better deal will be right around the corner. guaranteed. patience and timing my friend. patience and timing.
READ YOUR PURCHASE AGREEMENT. I'll bet it's even in English.
Better yet, consult your attorney - if for some reason you don't have one, get one. I got $100 says he/she can READ YOUR PURCHASE AGREEMENT much more precisely than you can!....and, obviously, don't sign an f'n PURCHASE AGREEMENT to begin with without good legal oversight. Attorney's and accountants are worth their weight in gold (or diamaonds, bonds, cash, whatever the f is the 'in' currency)- when you find a good one - that's the trick....