Real Estate Contract
I have a contract on a house, I was suppose to do the closing on 5/1/07. I know if there's not a closing the contract is valid for an additional 5 days from the date stated. My question is can the seller cx the contract if there is a hold up beause of the bank if after the fifth day?
1 Answer from Attorneys
Re: Real Estate Contract
Generally the language of the contract will provide expressly when the seller can cancel the contract.
However, if you have a truly qualified buyer who wants the house, unless you have another buyer for the home, I do not see why cancel the contract. That being said, if you do have another buyer and try and resell to a hypothetical buyer number 2 the first buyer may tie up the home in litigation.
I would recommend that whoever is represeting your interest get on the telephone with the bank and determine exactly what the hold is all about.