Closing date is closing in...

[KVacc]

We are getting close to our closing date. How close do most people get? Have you ever decided to walk away and not extend your closing date? If we dont close on time Im kind of tempted to walk away. I know the sellers sold another property in Nov/Dec so they are familiar with the process. I need patience pixie dusted to me bad!!

 

[Sandisw]

I did threaten to walk on one when the seller was taking too long last summer (it had been almost a month) and lose my deposit. I said I would give it another week or I was canceling out. The paperwork arrived a few days later. I personally would never have stuck around beyond closing date.

 

[RoseGold]

Depends on how good the deal was.

 

[sndral]

I did threaten to walk on one when the seller was taking too long last summer (it had been almost a month) and lose my deposit. I said I would give it another week or I was canceling out. The paperwork arrived a few days later. I personally would never have stuck around beyond closing date.

I’m no expert in real estate law, but you shouldn’t lose your deposit if the seller breaches the contract by failing to return their notarized paperwork by the closing date. I had one contract where the sellers were taking forever & I let the broker/agent (Fidelity) know that if the contract did not close by the date set I & my deposit were moving on. That seemed to spur the sellers into action & we closed on time.
Sometimes the broker/agent may need a reminder that there is a contractual deadline approaching & that you are aware of it & perhaps they need to remind the sellers of the consequences for breach of contract.

 

[Sandisw]

I’m no expert in real estate law, but you shouldn’t lose your deposit if the seller breaches the contract by failing to return their notarized paperwork by the closing date. I had one contract where the sellers were taking forever & I let the broker/agent (Fidelity) know that if the contract did not close by the date set I & my deposit were moving on. That seemed to spur the sellers into action & we closed on time.
Sometimes the broker/agent may need a reminder that there is a contractual deadline approaching & that you are aware of it & perhaps they need to remind the sellers of the consequences for breach of contract.

I was going to walk before the official closing date, which is why I knew I'd lose the deposit. But, I was buying RIV, and there was an incentive that would expire before the official date so I couldn't wait for the sale to not to close on time as then I would lose the direct incentive.

 

[sndral]

I was going to walk before the official closing date, which is why I knew I'd lose the deposit. But, I was buying RIV, and there was an incentive that would expire before the official date so I couldn't wait for the sale to not to close on time as then I would lose the direct incentive.

Ah, that makes sense, if the buyer bails before closing, then yes they forfeit their deposit.