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Closing attorney costs if buyer terminates before Due diligence end.

State: NC.
We have had to extend due diligence end date due to seller side delays and now it coincides with our closing date.  Things are still in a holding pattern, my closing attorney office needs some information from seller side to get title commitment.

Question: If I do get tired of this & terminate the contract within DD, I understand I lose the DD amount + what I paid for inspection, appraisal, survey. 

How about the cost of the partial work my closing attorney office would have done?  There wasn't any agreement but I suppose I should anticipate another bill to pay?
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January 09 - North Raleigh
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Answers (7)

I agree with many of these replies. I feel as if your agent uses that attorney frequently, it has been my experience that they will not bill for the title work done. But, it would be good to give them a call.
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January 14
Hi,

Regarding the buyer's contract, most of these agreements are actually extended by the purchase agreement through to closing.  Read yours and see if I am correct.   Local practices can cause variations

Dan
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January 09
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Two other questions I wanted to run by ...
1. If we do terminate the contract (form 350 T) within due diligence period, I am hoping the seller agent company will within a few days cut me a check for my earnest money without delay?
2. My buyer agent contract ended couple days ago. I asked him to extend, he said it didn't matter... anything to be concerned about?
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January 09
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Thx. My realtor wasn't clear unfortunately, he suspects attorney might charge, nothing to that effect wasn't on paper or discussed earlier. As a first time buyer didn't know to ask all these this early on.
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January 09
The attorney my clients use in the Raleigh area, generally don't charge, however, call the attorneys office and ask them. Or ask your Realtor to ask.
Best of luck on closing.
These are questions you should be asking your Realtor though. 
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January 09
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umm thx. In my case the seller had a ch-13 BK, property was exempt and he got a court approval to 'sell free & clear' to us etc. But there is something more our title company wants to know from sellers as to how surplus proceeds are dispersed on their side. weird.

If we don't extend DD, eventually we are at the mercy of the seller breach clause in the contract which (in theory) protects the buyer to get all costs including earnest money back.  But I figure it will be a ton of headache & legal run around/additional attorney costs esp from a seller in BK
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January 09
One of the things I hate about our new DD law is that many buyers extend it all the way up to closing and it was not designed to do that, I hope they change that. You are correct, you can walk away anytime and will lose anything you have spent or paid except the earnest money which you would get back.


tim
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January 09
 
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