There are restrictions to that 7 day extension mentioned below. you can't just extend the closing 7days just because you feel like it. If you cancel the closing of your present home you may be found being sued and having to pay damages for specific performance. I would read your contract with your agent and attorney present and see what was laid out and what you signed. Every contract can be written differently to protect different individual in different circumstances. As far as canceling your contract on the home you are buying it would depend on how that contract was written and what time period you are in, i.e. due diligence and what not. If you are past all of that more than likely you will lose earnest money. Why does the seller of the home you are buying not address the concerns you have with septic system? Did your agent not suggest amending the contract based on your concerns after the septic system inspection. How much time as passed or how long have you been sitting on this knowledge of the septic system? There are a ton of variables in this situation and I am not your agent and can't see the contract to advise you. Seek legal and professional advice from the people you are involved with and paying.
Unless there is a Time of the Essence clause in the contract you should be able to delay closing for a week or two to get the septic dealt with. A whole new septic field is under $5k in our area and easy to deal with. I doubt the buyer would sue for specific performance if you are just talking delay, if you are talking walking away they very well might and you could loose and have a large attorney bill to pay.
to show your contracts to a real estate attorney you hire for his/her advice....
You should also find out the expense for the remedy of the major septic problem before making any hasty decision..... Your Realtor and your Real Estate Attorney together should be able to advise you so that legally you will make the right decisions....
In this forum not knowing all the circumstances we cannot even give you our opinions.... You need to get qualified and legal help....
Good Luck to you!
Edith YourRealtor4Life and Chicago Connection
Working always in the very BEST interest of her clients
Nobody on-line should give you advice not understanding the contracts you have.
Atlanta Housing Source at
Solid Source Realty, Inc.
Home Buyers & Sellers - http://www.AtlantaHousingSource.com
Property Management â€“ http://www.SolidSourcePM.com
Not knowing the full story and not being your agent precludes a pointed response, but in general terms:
If you fail to close, you have not met the contractual obligations that you agreed to. I would expect the buyer could sue for nonperformance, damages, expenses and any other things they could toss in. I expect agents will also pursue commissions - especially in this market.
If you try to punch on the home you're buying, you may also have issues if you're outside the due diligence period. Bottom line for the buyers of your home is that they have no concern about the issues with the home you're buying - they expect to close as scheduled.
Beyond that, you need to work with your agent but if you being in this situation is an example of their handiwork, an attorney might be a better source. I'd suggest figuring out a solution that doesn't involve canceling closings - that tends to get ugly.