Delayed closing after board approval wwyd
Started by 311west
almost 12 years ago
Posts: 0
Member since: Dec 2008
Discussion about
What would you do? As a purchaser everything is in order and board approval received. Part of contract says "no open permits". Seller just now says there is an open permit with city hall and has to delay closing indefinitely or until permits clear. I expected this to close 1-2 weeks after board approval on a cash transaction. I already planned on moving in 3 weeks after board approval.
First, verify the open permit details. Depending on the specifics you could provide a specific waiver for that item, assuming you're the only one who has an interest (e.g. the condo/coop doesn't care too) and then insist on closing as there is no longer an open requirement to satisfy.
Talk to your attorney about options for accelerating the closing date.
And face up to not moving on the schedule you wanted -- just sorting this stuff out will cost you a bit of time.
Since you are doing a cash deal, it's really up to you. You can choose to close, but then the headache of closing the permits in the future is yours. Depending on what is involved, it can be a trying process closing permits, especially if they are old.
You can have your atty put money in escrow (a lot of it, I suggest) to keep the pressure on the seller to resolve the problem.
BTW: If you are working with a broker, I would be even more upset as this part of their job.