Can seller cancel contract?
We signed a contract with a seller on October 1, 2002 for closing on November 15, 2002. Unfortunately we got the underwriter from heck. She has held up the loan for 2 1/2 months longer, and until the know the seller has agreed to wait. Last week 1/21/03 he decided that he could wait no longer, and we had to close by the following Friday 1/31/03. At this point we got a committment letter from the loan company faxed to us and the sellers lawyer. When the loan officer called on 1/31 to tell him we are ready to go. He states that he has another buyer, and will not close with us. Mind you we have not received anything in writing about cancelling this contract. Can we force him to close since he waited this long already?
1 Answer from Attorneys
Re: Can seller cancel contract?
Unfortunately the answer to your question may lie in details contained in the contract that are not included in the question. I presume there is a financing contingency which gives you some time to get all of that resolved but again, can not tell how broad that specific language is. So without more I cannot give you much in the way of insight, other than to point out that there is a rule of reasonableness applied to the terms of all contracts, the broader the terms the broader the rule and vice versa. I am sorry I cannot be of more assistance.