Do we, the sellers, have any legal recourse when the buyers could not close on their loan by the closing date set in the contract?
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Do we, the sellers, have any legal recourse when the buyers could not close on their loan by the closing date set in the contract?
We moved out of our home in order to have the home empty, cleaned and ready for buyer’s move-in on closing date. We are renting now. We did not pay the last month’s mortgage payment since we had it rolled into our bank’s payoff demand. Closing was set to be, per contract, Tuesday July 24. We were not notified until Monday July 23 that there would be an issue with closing on time. It is now at the point that closing will not he occurring until Thursday, August 2nd. All due to the buyer’s lender and paperwork issues. We must now pay July’s mortgage payment due to the closing now on 08/02.
Asked on July 26, 2012 under Real Estate Law, Florida
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Do you have an attorney in this matter because you should have one, especially now. Closings are very often pushed back for one reason or another and your recourse for the delay and inconvenience really lies in the contract itself. I would definitely bring it up. Good luck.
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