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Answers (7)
Best Answer
- sunnyview
- Contributions:25115
The contract should have a close by date. If the seller goes beyond that for any reason, the contract is dead unless you extend the timeline. At that point, the seller would also be potentially responsible for any of your escrow/inspection/agent/loan costs, delays or other breach of contract damages as allowed by the original contract. If these sellers are hanging up escrow for a significant time, ask for a credit for the delay to be put into escrow to cover your expenses while you wait. If they don't make it right, they risk you suing them for breach and putting a lis pendens on the property until the original contract is satisfied. They would be unable to sell to anyone else before your issues were dealt with. Generally, you have the power if they are the one delaying closing. Stick to your guns, talk to your agent and if you need to consult with a RE attorney to find out your rights.
If you want to walk, depending on your local laws and policies, you probably could start the process to walk. In Arizona you would file a breach of contract, cure notice, informing the sellers they are in breach and have (usually three) days to cure the breach. If the sellers didn't cure the breach (in this case sell the home to you) you could cancel.
If you want to buy the home, making the sellers aware that you aren't going away and will take legal action would be a first step. In the worst case, you could file an action for specific performance, in which a judge will likely order the sellers to sell you the home.
If you want to buy the home, making the sellers aware that you aren't going away and will take legal action would be a first step. In the worst case, you could file an action for specific performance, in which a judge will likely order the sellers to sell you the home.
- Theresa Lussier, "Theresa Lussier"
- Contributions:191
Without knowing all the details, there are specific performance issues that your real estate agent, if you are using one, your attorney, the title company should be hammering away at. No one gets paid until there is a closing and the check clears the bank, so there are many people who should be working to get this issue resolved quickly.
If you are not represented by a real estate agent or other real estate professional, then at the very least, contact your attorney to fight for you- either to pressure the sibling to sign, or to advise you on your legal rights with regards to the contract.
If you are not represented by a real estate agent or other real estate professional, then at the very least, contact your attorney to fight for you- either to pressure the sibling to sign, or to advise you on your legal rights with regards to the contract.
- real estate mike
- Contributions:2001
All good advice here but you also kinda asked is it too late to walk. If you're past the signing date and the grace period, ask your title company, you might be within your rights to walk. But as has been alluded to you didn't make it this far to lose this property. One holdout, the title company cant find them? Aggressive attorney time it is.
- Nathan Wolf, "natewolf"
- Contributions:1825
Some states have "late fees" in their contracts for delays in closings. Then you can also seek specific performance in court to forcibly transfer the tile.
This is not uncommon and often a problem when there are multiple parties to the transaction. Note that you may need your attorney to play hardball with the remaining members of the family that have already signed-- helping them understand that THEY need to put pressure on their family member, because they ALSO will be included in the specific performance. They can also be liable for storage fees, court costs, attorney's fees and whatever else is incurred by the delay.
"Out of pocket" is not an excuse. They can email a copy of the deed, and the sibling can sign in front of a notary in whatever town they are currently-- even if they are out of the country. Using FedEx this could be corrected within days.
This is not uncommon and often a problem when there are multiple parties to the transaction. Note that you may need your attorney to play hardball with the remaining members of the family that have already signed-- helping them understand that THEY need to put pressure on their family member, because they ALSO will be included in the specific performance. They can also be liable for storage fees, court costs, attorney's fees and whatever else is incurred by the delay.
"Out of pocket" is not an excuse. They can email a copy of the deed, and the sibling can sign in front of a notary in whatever town they are currently-- even if they are out of the country. Using FedEx this could be corrected within days.
- Rick Stockel, "RickStockel"
- Contributions:106
Your Realtor and closing attorney should be all over this for you. In Virginia each party is expected to comply with the terms of the contract. If one party doesn't comply the other party can sue in court as a "Suit for Specific Performance". ie. each party must adhear to the terms of the contract or else.... Most of the time when issues arrise I as a Realtor am able to make the closing happen without the attorney but at some point it makes sense for your attorney to get aggressive. My sense is that your attorney needs to get aggressive and get all of the sellers to sign the deed transfer. Or perhaps the sellers attorney has specifice power of attorney and can sign for the seller who is out of pocket. Good Luck!
- girouard property RE
- Contributions:981
consult with a RE lawyer and send the bill to the sellers in small claims court.
What recourse does the buyer have when the seller keeps delaying closing?
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