I have sold my home and have given three extentions. They never meet the deadline. It is because of a third party that is buying their house. They said that the third party has a credit bureau to clean up. The people buying my house has put 5,000. down to hold the house. How long do I have to keep extending this sale? My last one was to have a closing of the 7th and they won't make it so now they wish to go to the 21st. This all started back in September. I gave a 30 day and it was excepted and now it is all extensions. How can they really get away with this since I am sleeping on a blow up mattress. It is so inconvenient with what has been happening to me. I am to sign one more extention till the 21st. Can I tell them this is it or can they come back on me for not wanting to extend any more?
2 Answers from Attorneys
In a Real Estate purchase transaction, the parties actions are typically driven by a contract - the Purchase Contract. This means that the terms of the Purchase Contract signed by the Seller and Buyer are what dictate how 'unforseen circumstances' (such as those you described in your question) are handled by either side. It is up to the Seller and his/her agent, and/or the Buyer and his/her agent, to identify said circumstances and how to handle same based on the pre-agreed fashion indicated in the terms of the Purchase Contract.
Here, the extensions sought and granted by either party to the other (along with the circumstances related to granting of these extensions) are certainly occurrences that any typical Purchase Contract for real estate would address. Thus, it is up to the parties and their agents to determine what course of action can be agreed-to and taken to address this occurrence. For example, in your particular situation, you as the granter of an extension can dictate the conditions for granting of said extension.
Determining what is your best alternative for you in your particular real estate matter is something you would need to speak with a competent attorney in the area of real estate that will inform you of your rights. If you are interested in setting up a no-obligation consultation with an attorney that can do just that, call our office at (888) 790-5053 and/or visit our website at www.coronacalawyer.com.
The issue that I see is whether or not the purchase of the house is contingent on the sale of the buyer's other house in the third party transaction. An attorney would have to review the purchase and sale agreement to advise you.