Hi, My husband and I are currently in contract on a home in Long Island, NY. We have been in contract for a long time and were suppose to close on

Asked by Concerned Buyer, 07081 Wed May 12, 2010

or around March 26th. The problem has become that the seller of the house was renting out the mother daughter apartment in the house and was unable to get them out. We recently heard that they were to be evicted on the 15th of this month and are awaiting the results. Is the seller liable for any monies we've had to pay in rent past the close date? What about the tax credit for 1st time buyers where you have to be closed by 6.30.10?

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Hal Benz, , Westfield, NJ
Wed May 12, 2010
Well, I'll join in the chorus...consult a really experienced real estate attorney on this one. Could you take possession and handled the eviction yourself? (Not that you would necessarily want to jump into that mess). In my experience, unless the contract specifically addresses this isue, you'll probably ned to sue for damages. Again...have a GOOD and EXPERIENCED lawyer in your corner. As for the tax credit, it's close by June 30...no exceptions, even valid ones. Good luck!!
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Caroline Gos…, Agent, Short Hills, NJ
Wed May 12, 2010
Definitely consult with your real estate attorney! But, worse comes to worse, if you were to lose the tax credit if you can't close by June 30...consider taking on the lease and honoring it. Were you needing to occupy that apartment as well?

To the best of my knowledge and from past experiences - the sellers are not liable for any extra rent you incur.

Good luck!

ps. if you need any attorney recs - email me at caroline.gosselin@cbmoves.com
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Anna M Brocco, Agent, Williston Park, NY
Wed May 12, 2010
Your attorney can best advise you as far as any monies incurred in renting--more than likely no, unless stated otherwise in your contract--As for the first time buyer tax credit, yes, you need to close on or before June 30th.
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Jim Johnson, , 78233
Wed May 12, 2010
This is a legal question, and you should consult with an attorney.
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