Can I be held liable to pay closing fees if the deal never closed?
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Can I be held liable to pay closing fees if the deal never closed?
Was in a lease to own agreement. Unable to get financed so we told her we would move instead of dragging it out, now she says I have to pay the examination of abstract and mortgage inspection fee. Is this valid?
Asked on July 23, 2012 under Real Estate Law, Oklahoma
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Under the laws of all states as well as custom and practice in the real estate industry, even though you may not be able to close an escrow due to assorted circumstances, certain costs and fees are incurred for the buyer such as title search, inspection fees and the like.
It is not fair for the people and companies who do such work to not be paid. You are obligated to pay the fees that you have written about.
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