Closing Date

[LorieDisneyLover]

Does anyone know what happens if the closing date on the contract passes and the buyer wants to cancel at that point?

Is it a 'done deal' that a buyer can cancel if closing doesn't happen by that date on the contract?

 

[Deb & Bill]

Does anyone know what happens if the closing date on the contract passes and the buyer wants to cancel at that point?

Is it a 'done deal' that a buyer can cancel if closing doesn't happen by that date on the contract?

If you have gone through ROFR and the buyer backs out, the buyer loses the deposit they put down and it should be split between the seller and the company (that happened to me twice). If the seller backs out, they still owe the company the commission.

The buyer can still back out ten days (I think it is ten days) after they have closed.

 

[supersnoop]

Does anyone know what happens if the closing date on the contract passes and the buyer wants to cancel at that point? Is it a 'done deal' that a buyer can cancel if closing doesn't happen by that date on the contract?

The buyer could void the contract and get their deposit back if closing doesn't occur by the date specific in the contract. But, if the buyer is the reason that closing was delayed, they could still have some liability.

 

[LorieDisneyLover]

We're the buyer and full payment was sent 2 weeks ago and still no closing … I'm close to pulling the plug.

 

[supersnoop]

We're the buyer and full payment was sent 2 weeks ago and still no closing … I'm close to pulling the plug.

Are you past the closing deadline stated in the contract?

 

[pharm55]

We're the buyer and full payment was sent 2 weeks ago and still no closing … I'm close to pulling the plug.

Do you know why it hasn't closed? We were in same situation and contacted closing company and they did not know why seller hadn't returned signed papers. Still didn't hear so contacted realtor and he contacted closing and seller to find out that seller didn't think the numbers on final disbursement were right so they weren't signing but of course hadn't told anyone that. Had it cleared up in a couple of hours thanks to the realtor and it closed within the week.

 

[LorieDisneyLover]

Are you past the closing deadline stated in the contract?

yes