What is the name of your state (only U.S. law)? Ohio
I am the buyer, we signed a purchase agreement on June 6th giving 45 days to closing + 15 days for possession. The contract states that the Seller must replace septic prior to closing. We are buying through FHA so this is a bank requirement. We increased our purchase price to cover the cost of the septic and it will paid for out of the closing proceeds directly to the installers, so the sellers doesn't have to front the money.
We had our home inspection and a commitment letter from our bank in hand within 22 days. The seller didn't want to start the septic until we were approved by the bank and then the asked us to escrow our down payment as more security. That was not in the contract but we did it anyways. On day 26 the seller finally went to the county health dept to start the septic process. The seller also failed to have the well inspected. We are now at day 52 and are waiting the EPA approval on the Septic and waiting for the well results from the lab. I'm being told that everything should be done in 5 -7 days.
We really love this home and property and want to continue with the purchase however when we asked the sellers to shorten the 15 day after close for possession they refuse to give us an answer. My agents tells me she has asked their agent three times. We have sold our home and had to put everything in storage and are living in our RV. We also know that the home they are buying is vacate and ready to close once they close on their current home.
Should we write an addendum extending the closing and shortening the possession days? And if they refuses, what recourse do we have, if any.