We signed a purchase agreement for a house in Plainfield and have a question about the contract.

Asked by Fox14819, Plainfield, CT Fri May 29, 2009

In the purchase agreement, it states that if the closing date is not met, reason only due to the BUYER, that a per diem fee will be charged of $150.00 per day. We need an additional two or three days past the closing date to actually close. This house is bank owned, and the real estate agent representing the bank said that if we do not close on the closing date stated in the contract that the seller is ripping up the contract and the deal is off. She told us that the bank has a cash buyer lined up and will not give us the additional two or three days to close. They can’t do that, can they? We’re willing to pay the fee for everyday that we go over the closing date, that’s not a problem! We just don’t want to miss out on this house!

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Peter Leeds, Agent, Manchester, CT
Thu Jul 14, 2011
I know this question was asked some time ago, and most answers directed the consumer to consult with her attorney. I am curious how this scenario was resolved.
Web Reference:  http://www.cgrealestate.net
0 votes
Kathleen Cha…, , Sturbridge, MA
Fri Oct 16, 2009
Life can be so unfair at times! Your Attorney is the right person to assist you in this situation. I wish you the best of luck and would love to know how you made out. Dates are so important and although it's hard to predict what may come up and require a delay but when an agent is on top of his or her game they should know when something is dragging and do everything they can in advance to avoid the problem. Banks don't always ask for what they require soon enough to get the job done timely. It pays to know the items that a bank will most likely require a second time before closing and also the time frame from commitment to closing. To many times I see agents setting a closing date too close to commitment without the forethought of time it takes to between commitment and closing for everything to be in order.

I hope you have a Happy Ending to share with us.
Kathy Chase, Realtor
JCKC Realty
Danielson, CT
0 votes
George55, Home Buyer, Plainfield, CT
Sat Aug 15, 2009
Let me guess...the seller agent is Sellstate. Definitely get your attorney involved.
0 votes
Kristina Zack, Agent, West Hartford, CT
Fri May 29, 2009
Hi there,

I would get your attorney involved, but in most addendums..the statement "Time is of the essence" is in the contract and the sellers put a right in there to not honor your extention and terminate the contract, but please speak to your attorney about it to see if they can work it out with the sellers closing attorney.
0 votes
Amanda Albert, Agent, Woodbridge, CT
Fri May 29, 2009
Unfortunately dealing with a bank owned property can be nerve wracking, but a day or two should not be that big of a deal as long as you have mortgage commitment and all contingencies have been met. If the addendums say $150 per day, then you may have to pay it. Did you read the addedums when you submitted the offer? Have your attorney call their attorney. Do you have a Realtor handling this for you??? What do they have to say.
0 votes
Chris Canfie…, Agent, The Villages, FL
Fri May 29, 2009

This is a question you should ask your attorney. He or she will probably be able to smooth things over by working with the Bank's attorney.

Good luck!
0 votes
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