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What happens if seller delays closing?

Started by razorback
over 17 years ago
Posts: 4
Member since: May 2008
Discussion about
I am in limbo waiting to close on my apartment. The seller has until July 15, per our contract, but has stalled (our closing was scheduled for 6/27 and she canceled it due to "personal reasons") and showed a true reluctance to reschedule closing. I've had to incur extra costs with paying to extend my mortgage rate lock and my lease. I'm ok with what I've had to pay so far, but if we have further delays, past the July 15 closing date, do I have any recourse? From what I understand, buyer has not closed on the apartment she is moving to.
Response by kylewest
over 17 years ago
Posts: 4455
Member since: Aug 2007

You need to speak to your attorney about this. Terms of your contract are no doubt extremely specific on these points and it is exactly what a real estate attorney deals with.

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Response by realestatejunkie
over 17 years ago
Posts: 259
Member since: Oct 2006

How could you have incurred "extra costs" already?

If the seller has a contractual closing of July 15th you are a little early to grouse about the situation.

Unless the contract specifically states otherwise, a "reasonable delay" is allowed. Now that term is subject to interpretation but most of the time a 30 - 60 delay would usually be seen as reasonable.

Write back in September if the Seller has not closed.

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Response by Amity95
over 17 years ago
Posts: 145
Member since: Dec 2007

This happened to us, and it is exactly what the real estate attorney is supposed to deal with. Our attorney had back-and-forth with the other attorney to try to nail down a specific date, which kept being put off again and again. If you are truly nervous and think the seller may not come through, you might want to try to get your deposit back so that you can move on to another property. That's what we were finally forced to do.

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Response by razorback
over 17 years ago
Posts: 4
Member since: May 2008

I should have clarified--the contract closing date was June 15 with a specified 30 day window.Amity95, did you recoup any of your fees (lawyer fees, application fees) from the seller who backed out?

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