Selling a house aned the closing date is July 1st. Now the buyers lawyers notifies us that she cant make

Asked by Colette, Buffalo, NY Thu Jun 26, 2008

this date because of a vacation she is taking. Papers were signed two months ago, we are not moving out until two days before closing. Now we may not close until her vacation endes at our espence of empty house and we must till insure the home until new owner takes over. what can we do?

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6
J R, , New York, NY
Wed Jul 2, 2008
Heck Options, you get no argument from me. Attorneys love bluffing and almost killing deals.
1 vote
;, , Riverhead, NY
Wed Jul 2, 2008
Another compelling reason to buy and sell houses without the attorney contingent in New York. I'm guessing that the Realtors have no problem being there.
Web Reference:  http://optionsrealty.com
0 votes
J R, , New York, NY
Thu Jun 26, 2008
Who is going on vacation? The buyer or the attorney? If it's the buyer, they don't have to be there. They can give their atty power of atty. If it's the attorney....well when I bought my house the buyer's attorney couldn't make it and our attorney closed for both. It was either find some way or we walked.
0 votes
Keith Sorem, Agent, Glendale, CA
Thu Jun 26, 2008
Aak an attorney.
Ask your Realtor. It is JUne 26th and they just figured this out now?
I do not practice in New York, but thsi sounds like poor performance.
I would ask lots of questions, the last one being...so who is going to pay for this...
0 votes
Gail Gladsto…, Agent, 11743, NY
Thu Jun 26, 2008
Your contract probably says on or about which gives the buyer another 30 days. I am sorry that this was not explained to you.

However, the buyer can give her attorney a power of attorney to close for her and you need not wait for her return (if she is willing). Ask your attorney to try and arrange that.

Other than that, I'm not sure there is anything you can do...look at your contract.
Web Reference:  http://GailGladstone.com
0 votes
AJ Heidmann, Agent, Arlington, VA
Thu Jun 26, 2008
It is important how your local real estate contract reads in regards to delays in settlement from the specified date. My interpretation of how this would be handled here in Northern Virginia is that since the delay is caused by the buyer side, they would be responsible for any costs associated with not settling as the contract dictated. They could elect to use another lawyer so that it could close on time or they would compensate you for your daily carry cost.

What I would suggest you keep in mind is the big picture, how long is the vacation and how much would it actually cost you? Your goal is to sell the home and if the delay/cost is small, you may want to go along to get to settlement. Now is not the time to start taking a stand on principle and spite your sales goal.

Provide some more info and this group will help you figure it out,

AJ Heidmann ABR, CRS, e-PRO
Coldwell Banker Residential Brokerage, Old Town Alexandria
"Serving Distinctive Clients & Properties in Northern Virginia"
0 votes
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