Home Buying in Auburn>Question Details

Annn, Home Buyer in Auburn, MI

Bank can"t close on the closing date, buyer wants out of the house deal..will there be fines for the buyer? Paying comissions?

Asked by Annn, Auburn, MI Fri Feb 17, 2012

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Follow the advice of your Realtor, they know a good real estate attorney. Seek transaction specific help, not general info from here, good luck,
0 votes Thank Flag Link Sat Feb 18, 2012
Ann - It's attorney time. Just for opinion here, the closing date is usually an "on or before" date, so I'm sure something can be scheduled to work for all parties. Should the buyer still want to back out, I'm, pretty sure the seller would sue for performance. Again, talk to an attorney.
0 votes Thank Flag Link Sat Feb 18, 2012
Unless you have signed a buyer's agency agreement, I wouldn't generally think so. Only be reviewing your contract(s) can anyone give you a certain answer. Commissions are paid by the seller in most cases, so I wouldn't think so.
Before you do this though, why would you get this far and back out now? I would prepare an explanation for the seller and your agent. Let us know how this turns out.
0 votes Thank Flag Link Fri Feb 17, 2012
It all depends on the contract. You need to seek the advice of an attorney. If your closing date is the date stated in the contract as the close on or before date and the bank cannot close by that date. Your contract could be considered null and void and you should be able to get your earnest money back. If the set closing date is prior to the stated date in the contract and you can still close within the contract guidelines then the bank may be able to withhold your deposit. Seek the advice of legal counsel who can best explain the legal issues and the ramifications.

Good Luck,

Karen Paytas, GRI, CMS
Real Living Kee Realty
0 votes Thank Flag Link Fri Feb 17, 2012
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