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closing agent is late

Contributions: 7

Q&A

:7

"The closing date shall take place on or before 1/30/2009 unless the closing date is extended in writing signed by the Seller and the Purchaser or extended by the Seller under the terms of Agreement. If the closing does not occur by the date specified in this Section 2 of the Addendum, or in any extension, this Agreement is automatically terminated and the Seller shall retain any earnest money deposit as liquidated damages."

"Waiver: all rights to file and maintain an action against the seller for specific performance"

Does this mean I cannot take the seller to small claims court for breach of contract resulting in monetary loss?

The closing agent also threanted that if I walk out of the contract, I won't get my $1000 security deposit back. I see no where in the contract where it allows this.

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January 30 - Orange Park

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Scott Nelson, "Medfordhouse"
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Scott Nelson, "Medfordhouse"

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You really need a qualified real estate attorney to review the documents you have signed. You should have heard from your escrow/title company even the lender as to what is going on. If you've retained a buyers agent to represent you then perhaps you need to also consult them or their broker/manager.

There are alot of reasons&explanations, but the only one that really matters is the one or two solutions to your current predicament. An attorney can best advise you what your options are. At 5pm EST it's a bit tough but there may be one or 2 available to consult.

Good luck,

Scott

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January 30

Michael Emery, "MikeEmery"
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Michael Emery, "MikeEmery"

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There are some facts missing from your question. Was the title company or lender unable to close in time, or was the delay the result of the homeseller?

You haven't made clear what your 'monetary damages' are to date. Did you have to pay for a hotel room, rental truck storage?

While you stated that you don't see the part in the contract where you lose your $1000 'security deposit" (That's actually your earnest money) you have quoted the actual portion of the contract in the first paragraph of your posting that specifically states damages if you break the contract.

It's unclear from your letter whether the seller has defaulted on the contract. But if YOU default at this time, you may indeed lose your $1,000 as stated by your real estate agent.

And in Minnesota, most buyers and sellers agree to arbitration when situations like this happen. So if both parties agreed to arbitration, there ain't gonna be no lawsuit.

I've had a similar situation where the seller was unable to close on the date stated due to his own inability to complete the transaction in a timely fashion (not the fault of the title company or lender, this was purely the fault of the seller). The seller agreed to cover my buyers expenses until we could close. This just required a phone call to the listing agent and some deft negotiations. It didn't require a threat of lawsuits and men in suits, just a couple calls.

I am not a lawyer. I don't pretend to be a lawyer. I've just had experience in missed closing dates. If you truly feel you have been harmed, I urge you to seek legal counsel. Just remember, lawyers don't work for free.

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January 30

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Question 2773 holly Bay Road Orange park Florida 32073

Question closing agent is late

Question question about seller covering closing and downpayment cost

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Guide About First-Time Home Buyer Tax Credit

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closing agent is late

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Related Questions

Question 2773 holly Bay Road Orange park Florida 32073

Question closing agent is late

Question question about seller covering closing and downpayment cost

Related Articles about Home Buying

Guide Real Estate Buyer's Closing Costs

Guide List of Closing Costs and Fees

Guide About First-Time Home Buyer Tax Credit

Guide You've Opened Escrow

Guide Picking the Best Comps

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