Question Details

Shirley, Home Buyer in n.j.

I have a signed contract on a house was to close on 8/22 I had to get a septic and water inspection done ,

Asked by Shirley, n.j. Sat Aug 16, 2008

Termite so on and so on.Mortage home owener insurance I have a lot of money into this house.Title work came up a second mortage .My agent said I have to change closing date while the banks work this out. Where do I stand ? What are my rights ? How long can they stall closeing ?

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Basically it depends what it says in your purchase agreement. Look under the clause that describes "inspection of title" it should have some time frames in there and what happens if there is not a clear title. If it is vague and doesnt give a time frame it may say that you will allow the seller the time to fix the title problem. Also check the closing date, if the date is the 22nd they will need an extension, this is where you can put in a date and write time is of the essence to make sure they are working quickly. Seek the advise of a real estate attorney for what your rights are in your state. Good luck
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