Legal Question in Real Estate Law in New Mexico

the seller just informed me that they will not be able to move out by our closing date on our real estate contract (selling a house to me), which is tomorrow, what can i do to preserve my rights and the contract that we have both signed and is valid until tomorrow

Asked on 4/04/13, 11:47 am

1 Answer from Attorneys

Kevin Connolly Kevin J. Connolly
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You should send a letter stating that you do not agree to giving them any more time to move out and that "all rights and remedies are reserved. I demand vacant, broom-clean possession of the property immediately."

You have several strategies. You can try to bust the contract, get the down payment + title expenses refunded. This takes time and $$$.

You can give them more time, but with condiotions:

ALL proceeds of the sale go into escrow. They get nothing until you get vacant, broom clean possession. You want them to reimburse you for interest on your mortgage; taxes and insurance get prorated as of the possession date; and they keep their liability insurance in place with you listed as an "Additional Insured Party." Make sure you see the "endorsement" that names you: a certificate is not worth the paper it's printed on.

They should pay you "use and occupancy." NOT RENT. DO NOT ACCEPT RENT.

If you hired me as your attorney, I could draft a letter agreement. You can call me 516-242-1453 (New York but my home is in Santa Fe).

They shouls pay for whatever attorney fees you incur

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Answered on 4/04/13, 11:59 am

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