Expert Advice When You Need It Most

My question is under the conditions stated above can I terminate my contract just because seller is unable to close it on specif

Asked almost 3 years ago - Naperville, IL

I have a real estate auction deal according to the term under section Offer, Acceptance and Closing date: "Buyer and Seller agree that closing shall occur on or before the closing date indicated above" Under the Breach and Failure to close section "If byer has performed byer's obligation under this contract and seller fails to perform its obligation under this contract then buyer may and buyers exclusive remedy terminates buyer obligation to puchase the property" Now the seller is saying he is unable to clsoe it on the specified date becuse he still need to process through the title companey and get the short sale approval letter.

Flag

Save

Share with:

Attorney answers (1)

Henry Repay

Reputation Level 15

Answered almost 3 years ago. Real Estate Attorney in Belvidere, IL.

Flag

Your question cannot be conclusively answered without an attorney receiving and reviewing the contract, but my anticipation is that you do have an out if you want it. You should arrange for review and advice, which often can be done by fax or E-mail with appropriate arrangements for payment of legal fees.

Are you backing out because of the delay or is there some other basis? If it is a property you wanted to purchase, this may be a delay you can work through.

Representation is important if you move forward, particularly since a short sale is involved. As a buyer, you are making a substantial investment. You should spend a reasonable fee to have an attorney involved in the closing process to protect that investment.

Mark as good answer

Add comment