End of Purchase Agreement

Asked by djash01, 89117 Wed Jul 10, 2013

If the purchase agreement says "Close of Escrow to be extended until 06/31/2013", does it mean that the purchase agreement has expired ? If not, how can I get out of the purchase agreement ? The listing agreement has expired.

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11
Angie Gleich, Agent, Las Vegas, NV
Wed Jul 10, 2013
Yes. Tell your agent to cancel escrow. And beware of an agent who thinks there are 31 days in June.
1 vote
Jill Murty, Agent, Mission Viejo, CA
Wed Jul 10, 2013
The seller cannot cancel the transaction unless the buyer fails to perform, meaning the buyer fails to do something he or she has agreed to do by contract. The Close of Escrow text sounds more like an escrow amendment and must be signed and agreed upon by both the buyer and seller.

I'd be concerned if the Close of Escrow was to be extended until 6/31/2013, as there are just 30 days in June.
1 vote
Nathan Kessl…, Mortgage Broker Or Lender, Las Vegas, NV
Mon Jul 29, 2013
Jeffrey Sklar hit it on the head. You need to take immediate action with your agent to be compliant and know your options.

http://thenationalrealestatepost.com/find-a-professional/mor…

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0 votes
Damon Bottic…, Agent, Las Vegas, NV
Wed Jul 10, 2013
The expiration of the listing agreement does not effect your contract with the buyer.
extended until 6/31??? confusing because June has only 30 days. If you have gone past the agreed close of escrow date and you have complied with the agreement so far but the buyer has failed to close, it's likely that you can cancel the agreement. (You'll need to review your entire purchase contract to be certain.)
0 votes
Becky Zisk, Agent, Henderson, NV
Wed Jul 10, 2013
First, there must have been an addendum to your purchase agreement extending the close of escrow to 6/3l/2013 right? If you agreed to this extension by initialing and signing, I don't see how you can get out of the purchase without possibly facing a "Specific Performance" lawsuit.

As for the listing agreement having expired, I am sure the listing agent has covered him/her self after expiration for so many days. That is in the listing agreement that if an agent procurred a willing and able buyer and they went under contract, then the listing expired, they would have put in the black space in the listing agreement that they would be covered for so many days.

I hope I have answered your questions. Good Luck!
0 votes
Jeffery Sklar, Agent, Las Vegas, NV
Wed Jul 10, 2013
djas01,

I am working under the idea this is a home in the Greater Las Vegas area and using the standard GLVAR forms. What I am about to say is not to be construed as legal advise, just my personal experience being a Nevada Real Estate Broker. Listing agreements expire all of the time while properties are under contract through a residential purchase agreement. This expiration of the listing agreement does not affect the deal as the expiration is not a true expiration. If you read the listing agreement, it automatically extends to the end of the residential purchase agreement. This makes sure that there are no "hiccups" in the deal and makes the process much smoother.

Having a purchase agreement expire is a completely different subject. If a purchase agreement expires without extension, and this is not a legal opinion, the deal is no longer valid. I have to preface this with a few items.
1. Escrow agreements sometimes contain provisions that allow escrow to keep working on a deal even if it has expired. If yo get to close without objection, the deal is still viable.
2. Some short sale documents allow automatic extensions.

I would get on the email and phone with your agent IMMEDIATELY. If the deal is expired, he or she should be able to provide you with an addendum to cancel the purchase agreement without penalty. If they give you any issues, you may want to contact an attorney to review the documents but I would voice my objection to the deal continuing asap.

Thank you,

Jeffrey Sklar
Broker/Owner
Desert Valley Realty
702-408-6470 mobile
702-763-SELL (7355) office
888-203-2779 fax
Be sure to tune in to 720AM every Saturday at 6pm to hear me host "The Real Estate Show!"
0 votes
Jimmy Balsano, Agent, Las Vegas, NV
Wed Jul 10, 2013
Hi djas01

Since you are from Miami Fl, I would check
with your agent or local Real Estate Association.

If I can be of further assistance and answer
Any of your other questions please contact me

Thanks
Jimmy Balsano
Realty One Group
702-281-2225
Fax 1-866-371-8421
Email: jimbalsano@gmail.com
CERTIFIED FOORECLOSURE ALTERNATIVES CONSULTANT (CFAC)
REO-BPO CERTIFIED

I KNOW LAS VEGAS AND HAVE FOR OVER 40 YEARS
http://www.jimmybalsano.com
http://www.salestraq.com/las_vegas/newhomesearch/index.cfm?id=4780(New Homes
0 votes
Yarbrough Re…, Agent, Las Vegas, NV
Wed Jul 10, 2013
If someone is asking for an extension to the close of escrow it usually means the contract had expired. You should be able to cancel the purchase without penalty.
0 votes
Rob Flitton, Agent, Huntington Beach, CA
Wed Jul 10, 2013
No REALTOR can give you contract or legal advice, but I will happily point you in the right direction >>> http://robflitton.com/

(assuming you're not already represented by a REALTOR)
0 votes
Michele Kubi…, Agent, Las Vegas, NV
Wed Jul 10, 2013
Good morning. Yes. Unless there are additional terms. It sounds like it's a short sale. Communication directly with your agent would give you the best answer. I hope that helps.
0 votes
Russ Lorenzen, , Las Vegas, Las Vegas, NV
Wed Jul 10, 2013
Normally yes, but you need to ensure that there are no automatic extension provisions in the contract.
0 votes
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