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Mrs213
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Member since 2/09 18986 total posts
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What if you don't close by the time your contract says?
Our contract had a 30 day closing - and we are now past that and the bank has not told us yet when we are closing. Can the sellers sell to someone else because of this? Are we going to have any penaltys??
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Posted 6/7/10 10:59 AM  |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: What if you don't close by the time your contract says?
was the date on or about 30 days? if so you still have another 30 days past that date. if it is an on or before date the seller can hold you in breach of the contract.
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| Posted 6/7/10 11:01 AM |
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Mrs213
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Member since 2/09 18986 total posts
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Re: What if you don't close by the time your contract says?
Posted by alli3131
was the date on or about 30 days? if so you still have another 30 days past that date. if it is an on or before date the seller can hold you in breach of the contract.
The closing date was supposed to May 30th - I hope they don't hold us in breach because we are doing everything the bank ask they are just dragging their feet - so annoying...
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| Posted 6/7/10 11:03 AM |
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july4mrsO
Happy boy!
Member since 5/10 2867 total posts
Name:
Jess
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Re: What if you don't close by the time your contract says?
our contract said we had to get the commitment for the mortgage within 45 days of being "in contract" and it had a projected closing date which came and went. I worried about this too and I think we came close to the 45 days but we made the time limit for the commitment letter. I was never charged any fees and was never told anything by the bank or the attorneys. I'm sure it will be fine. I know if you have to they can file an extension on the contract. If you're really concerned I would call your attorney. Good Luck!
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| Posted 6/7/10 11:04 AM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
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Re: What if you don't close by the time your contract says?
its always on or about so it should say on or about May 30 that means you have until June 30. there is a 30 day grace period
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| Posted 6/7/10 11:07 AM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
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Re: What if you don't close by the time your contract says?
Posted by staceyums81
Posted by alli3131
was the date on or about 30 days? if so you still have another 30 days past that date. if it is an on or before date the seller can hold you in breach of the contract.
The closing date was supposed to May 30th - I hope they don't hold us in breach because we are doing everything the bank ask they are just dragging their feet - so annoying...
you also need to be on top of your bank at least weekly if not more to keep reminding them of your deadline.
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| Posted 6/7/10 11:08 AM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: What if you don't close by the time your contract says?
Posted by HeatherRose
its always on or about so it should say on or about May 30 that means you have until June 30. there is a 30 day grace period
Some contracts will say by May 30th (or whatever date).....this is very popular if you are dealing with a flip house cause the investor wants the house sold asap.
The on or about is typical with normal sales where a normal seller is understanding about financing.
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| Posted 6/7/10 11:44 AM |
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Mrs213
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Member since 2/09 18986 total posts
Name:
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Re: What if you don't close by the time your contract says?
Posted by HeatherRose
Posted by staceyums81
Posted by alli3131
was the date on or about 30 days? if so you still have another 30 days past that date. if it is an on or before date the seller can hold you in breach of the contract.
The closing date was supposed to May 30th - I hope they don't hold us in breach because we are doing everything the bank ask they are just dragging their feet - so annoying...
you also need to be on top of your bank at least weekly if not more to keep reminding them of your deadline.
Yeah believe me I am doing that - they just stink - woman can't remember what she told me from one day to the next it's totally ridiculous - Then one day she called me and she was like "you really need to get this stuff in asap b/c underwriting needs 24 hrs to review it" mean while it was stuff the sellers had so sign that she only told me the day before
Message edited 6/7/2010 11:49:13 AM.
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| Posted 6/7/10 11:48 AM |
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