If I’m buying a townhouse and my loan is cleared but the sellers are delaying the closing, what can I do?
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If I’m buying a townhouse and my loan is cleared but the sellers are delaying the closing, what can I do?
I am living in hotel and every single day in hotel is costing me. Can I get out of this contract? Is there any rights for a buyer?
Asked on October 7, 2015 under Real Estate Law, Illinois
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
Have they passed or changed the closing date agreed to in the contract? If so, and if you did not agree to the change since parties may change closing dates by mutual agreement there is nothing wrong with that, then send them a letter stating that "time is of the essence," briefly ennumerating the costs you are incurring, and demanding that a closing date be set and adhered to within say, ten days. Send the letter some way you can prove delivery. If they won't agree to a date, or agree and then miss the date, you would be in good shape to get out of the contract for their breach. Generally, you need to give the other party a chance to cure, or correct the problem, especially vis-a-vis closing dates, such as by setting and adhering to a date, before you can take legal action.
The above is general advice. Because the specific facts matter, given how much is at stake, you are advised to consult in person with a real estate attorney, with a copy of the contract and all correspondence about the closing dates, before acting.
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