My boyfriend and I are buying a house. We’ve done everything needed on our end. When we put in our purchase offer, it was determined that we would close by October 3, which is the date the mortgage commitment is good until.
Right now we’re waiting for the sellers’ attorney to send our attorney the info so she can write up the title and finalize everything for the closing (our attorney said she can close within a week as long as there are no problems with the title). We found out today that the sellers and their attorney haven’t "taken care of some things" (quoting my bf, I don’t know if the attorney was more specific). Right now we’re concerned that we won’t be able to close by October 3. If closing is delayed due to the sellers’ or their attorney’s negligence in getting things prepared, what should our next step be? Do we have any legal recourse?
We did work with a real estate agent, we didn’t even contact a lawyer until after the purchase offer was accepted (I know it’s different in every state, in NY you have to have lawyers even if you use real estate agents).
How long does it usually take to get the rate lock extended (meaning, if we contacted the lender today, how long would we need to get the paperwork turned around)?
While the "ask your agent" answer sounds good, if you’ve got lawyers on both ends, I’m going to assume that neither of you is working with an agent.
Which probably means that you also aren’t working with standard real estate contract forms, and the contract you folks have could say almost anything.
So, while I understand that you probably don’t want to pay for another hour or two (or more) of your lawyer’s time, that’s what you need to do.
At the same time, you should be talking to your lender to see if you can (or should) extend the interest rate lock.
Do not wait. Any delay could end up costing you a lot of money, and could potentially end up with you losing the house and everything you’ve put into the deal so far.
And not to put too fine a point on it, but this sort of thing is why folks go through real estate agents, and why "For Sale By Owner" isn’t such a good deal for the buyer.
SOL
References :
Ask your REALTOR in case there is more that isn’t noted here but, the easy way to handle this is an extension and there is a form that both parties sign. At some point there should be penalties but, right now you just want to close it! IT is common for something like this to happen you aren’t alone!
References :
While the "ask your agent" answer sounds good, if you’ve got lawyers on both ends, I’m going to assume that neither of you is working with an agent.
Which probably means that you also aren’t working with standard real estate contract forms, and the contract you folks have could say almost anything.
So, while I understand that you probably don’t want to pay for another hour or two (or more) of your lawyer’s time, that’s what you need to do.
At the same time, you should be talking to your lender to see if you can (or should) extend the interest rate lock.
Do not wait. Any delay could end up costing you a lot of money, and could potentially end up with you losing the house and everything you’ve put into the deal so far.
And not to put too fine a point on it, but this sort of thing is why folks go through real estate agents, and why "For Sale By Owner" isn’t such a good deal for the buyer.
References :
that would depend on the title being clear against the property,
It can delay until the leins a taken care of or for whatever reason the title didn’t clear. also the contracts may have been mistyped and errors effecting the sale caused the re-issueing of the doc’s. but usually it gets done within 2 to 3 months.
References :