Can I void the contract if we are passed the settlement date and I don't want to extend.?

Asked by JQ, Washington, DC Tue Jun 25, 2013

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Miekeba Jones, Agent, Silver Spring, MD
Fri Jul 12, 2013
Hi JQ, have you consulted your Real Estate Agent? It really depends on the terms of the contract. It is possible that the seller could attempt legal charges against you. And depending on the type of home such as HUD, you could lose your deposit. Those would be some of the worse case scenarios. Perhaps you could have a lawyer take a look at the contract?
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Kelly Putz, Agent, Fairfax, VA
Mon Jul 8, 2013
Hi JQ,

The answer is yes. If it is past the settlement date and no extension has been created, then the contract is automatically dead.

I would caution about not extending, unless you have just decided not to sell. Your agent has done a lot of work to get your house sold, the buyer's agent has done a lot of work to get their buyers to the table, the lender is in place with a team of people doing the underwriting, etc., and the title company has also done a lot of work as well. So, if there have been hard feelings from either side, do consider that, while emotions are involved because this is your home, this is a business transaction that everyone wants to make happen. It can be hard to separate the two, but getting the house sold will allow you to move to the next step.
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Charles D Va…, , Columbus, OH
Fri Jun 28, 2013
The answer is yes. You can decide to void a contract the fails to meet the contracted closing date. However, in doing this you are not only pulling the plug on the buyer, but the lender and both realtors. Probably not good Karma but you do have the right not to extend a contract. My company has a $1000 closing date guarantee that pays if we take too long. 614-458-1903
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Jesse Sutton, Agent, Washington DC, DC
Tue Jun 25, 2013
That is a tricky question ... the most accurate answer is 'it depends'. Every transaction is unique and there are a lot of variables to consider. The fastest route to a firm answer is to connect with your Realtor and to make sure they've consulted with an experienced attorney.
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Miekeba Jones, Agent, Silver Spring, MD
Tue Jun 25, 2013
Hi JQ, consult your Realtor.
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