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contract issue

Started by moving_in
about 17 years ago
Posts: 3
Member since: Aug 2009
Discussion about
I just got a deal with the sells office. I read the contract that it says only 21 days for closing. My lawyer told me the contract is very strict. They also specify a mortgage broker to get the loan. And the buyer has to pay the seller's attorney fee $1,950 (why is it so high? very greedy.)
Response by mjsalisb
about 17 years ago
Posts: 177
Member since: Sep 2006

Can we assume that this property is being made available at a VERY attractive price?
'Cause if not, those are very tough terms for what is clearly a Buyers market.

MJS

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Response by NWT
about 17 years ago
Posts: 6643
Member since: Sep 2008

Contracts are mutually-agreed-upon. Don't agree to anything unreasonable. Since you refer to a sales office, this is probably a new condo. You should be calling the shots, or as many as you can get away with, as mjsalisb said.

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Response by nyc212
about 17 years ago
Posts: 484
Member since: Jul 2008

Nobody in the current climate should be paying seller's atty fees. Period. If anything, you should ask THEM to cover all of your closing costs.

Also, there is absolutely no need to abide by their stipulations. It's TOTALLY a buyers' market, especially at the bldg. you are talking about (I know which one from another thread where you posted the same message).

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Response by ab_11218
about 17 years ago
Posts: 2017
Member since: May 2009

the only way to close in 21 days is to pay cash. no bank with good rates will have this kind of turnaround. either renegotiate or walk away.

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Response by jj1918
about 17 years ago
Posts: 120
Member since: Jul 2009

they should pay the transfer taxes, you should have AT LEAST 30 days for closing. and you have the right to choose whatever mortgage broker you want.

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