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  1. #1
    pateden is offline Junior Member
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    Closing Delay past Contract Date

    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.
  2. #2
    justalayman is offline Senior Member
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    Quote Originally Posted by pateden View Post

    Should we write an addendum extending the closing and shortening the possession days? And if they refuses, what recourse do we have, if any.
    if you do or don't is up to you. Depending on how the contract is written, unless it allows for some automatic extension, your recourse would be to not extend the contract and let the sale fail. Obviously you don't want that and I suspect the seller doesn't either so doing that is probably not an option.


    If they will not agree to shorten the period to possession, I would think it fair to ask for a reimbursement of the additional expenses you incur due to the extended time or at least some compensation for the added hardship.



    and just as a side note:

    In my area, 30 days is often typical for possession but there are many areas of the country that are possession at closing. When those papers are signed, the seller relinquishes any right to possess the premises.

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