Should I pull the plug?

[EatMoreVeg]

When I bought my most recent contract the 14 days was also mentioned, BUT I hadn't accepted the 14 days. Meaning the title company wrote I and sellers had to return the documents within 14 days so we could close.

I wrote to the company that I had no intention to return the documents within that time frame, however I would of course return them before the "close by" date. as I had accepted that date. Title company fully accepted that.

I returned the documents and funds 14 days later than they requested as the exchange rate was in free fall and the longer I waited the more I would save. I basically ended up paying only $135 for my VGF contract when I include the additional savings the exchange rate gave me.

So if you haven't reached your "close by" date I would say you are in breach of contract and could risk loosing your deposit. The 14 days are not an obligation your or sellers need to meet.

As the buyer, I have already signed and returned the closing documents. Sending the funds is a different story. I am also international, so would try to wait it out for a favorable exchange rate if necessary, communicating this to the broker/title company of course. I also tend to wait to send final funds until all the closing paperwork has been received, which in scenarios like this makes me increasingly glad I read that advice here on these boards and followed it! Also of note, the closing date listed on the contract has also passed.

 

[Cyberc1978]

If it is in the contract that both parties signed that closing documents need to be returned in 14 days, then it does have to be abided by on both sides or it is breach of contract. If either party does not agree to those terms, then the contract should not have been signed or should have been amended before signing to extend the deadline for returning documents. What you say to a title company/broker does not matter, what is in writing that you signed and agreed to is what matters. This is why you should always read everything you sign very carefully and make any changes before signing. Of course, if neither party objects to the written contract being breached, then nobody will suffer any consequences. Obviously the broker agrees with the OP that in this case, taking 3 weeks to return closing document is a breach of contract on the sellers part.

I totally agree if the 14 days is in the contract which have been signed by both parties then both have to abide to it.

However in my situation the 14 days was first mentioned in the closing docs By the title company so none of us had accepted it prior to receiving the docs.

if it’s only the docs that needs to be returned and not the funds what is really the point? I mean without the funds you can’t close.

 

[Cyberc1978]

......I am also international, so would try to wait it out for a favorable exchange rate if necessary, communicating this to the broker/title company of course. I also tend to wait to send final funds until all the closing paperwork has been received, which in scenarios like this makes me increasingly glad I read that advice here on these boards and followed it! Also of note, the closing date listed on the contract has also passed.

Yeah the exchange rate can in the current market really provide some additional savings as a buyer.

Fingers crossed that everything soon starts to go smoothly.

 

[Lothlórien]

Not sure who you are working with, but The Timeshare Store is a great company. If you pull and start again, you may considering reading out. JP and Scot are both fantastic.

 

[lovin'fl]

nevermind...just got word they finally closed our contract

 

[EatMoreVeg]

nevermind...just got word they finally closed our contract

Jealous =(

 

[lovin'fl]

Jealous =(

Sorry . I don't understand your sellers not getting their docs in. Guess they don't want the $$$. I was the seller on ours and I dropped them at FedEx in 24 hours from receiving them. Just been waiting 2.5 weeks on buyers to wire their funds...which makes more sense to be a delay since that is a parting with $$$ and not a getting $$$. Wishing you luck!