Buying after the closing date

[Brandylu]

We want to buy a lot that under the contract the closing date was on May 6th. I wanted to close on 6th, but the title company was not ready on May 6th. Title company gave an new closing date for May 18th but the realtor did not send me an addendum extending the closing date in the contract. Per text message, the realtor said, she will give me a addendum after she knows the new date (this was before I schedule the new closing date with the title company). Now that I know when will be the new date, and forward her the new date, she don't seem so interested to send an addendum. I am guessing that she does not want to make the work because she knows she would get the money anyway or she does not want to make the extra work because her commission is not so big.

She wrote after the forward that we are all in agreement and that is fine with her. But no addendum or other action from her part. Now I am guessing if I make the closing and give the title company the money without this addendum if I could get troubles or lose the money. I was thinking if I pay and sign the closing documents and the seller signs also the HUD Settlement Statement, then the property will be mine, despite the lack of an addendum with the new closing date. Do I am wrong?

 

[Taxing Matters]

All an addendum that simply extends the date to close does is lock the parties into the contract to that extended date. Without it, it may be that either party could now simply say the deal is off without any consequence. The details of the purchase agreement would matter a lot on that. It also matters what else the addendum might say other than just extending the closing date.

However, if everyone shows up at the new closing date even without an addendum and completes the deal then the addendum wasn't needed. So if you go to closing and get your deed to the property the property is yours, with or without the addendum.

 

[adjusterjack]

I was thinking if I pay and sign the closing documents and the seller signs also the HUD Settlement Statement, then the property will be mine, despite the lack of an addendum with the new closing date. Do I am wrong?

You're right.

But you could have cancelled the purchase on May 7 for failing to meet the contracted closing date.

 

[Brandylu]

Thanks Taxing Matters
The contract only says that if the transaction does not close for any, reason Buyer will immediately return all seller provided documents and other items. I paid an deposit, in case they don't want to sell, can I get my deposit back? I have in writing that I really wanted to close on May 6th.

The seller will not be in the closing date, they will get the documents via mail.

 

[Brandylu]

adjusterjack you are right but I wanted badly the lot and the title company would charge $200 at cancellation fee.

 

[adjusterjack]

I have in writing that I really wanted to close on May 6th.

That's not the same as "the closing date is May 6th."

adjusterjack you are right but I wanted badly the lot and the title company would charge $200 at cancellation fee.

I figured.

 

[STEPHAN]

Right now it is pretty normal that closings get delayed. Usually, buyer and seller work together to make it go right.

 

[Brandylu]

That's not the same as "the closing date is May 6th."

You are right, but I asked them in writing before the closing date, when can I come to their office on the closing date to sign the documents and they wrote me that is not possible to make the closing on May 6th because they will not have the documents ready on May 6th. That they would let me know when I can come to make the closing. After the title company wrote me this, I received an text message from the realtor, where she wrote that this matter is out her hands, title co. is very busy and we have to wait until the title company give us a new date. I got the new closing date this week because I pushed the title company to give me a new date, telling them they can not let me in the air waiting, because I have to make arragements with my work ahead.

 

[STEPHAN]

If the title company needs more time, it is usually for the title search. That is well invested time!

 

[zddoodah]

the title company was not ready

Is this title company acting as the escrow for the transaction? What reason was offered for a nearly two week delay?

the realtor did not send me an addendum

Your realtor or the seller's realtor?

I am guessing if I make the closing and give the title company the money without this addendum if I could get troubles or lose the money.

"Get troubles"? Huh? And what would make you think you might lose the money?

I was thinking if I pay and sign the closing documents and the seller signs also the HUD Settlement Statement, then the property will be mine, despite the lack of an addendum with the new closing date. Do I am wrong?

The property will become yours once the deed from the seller is delivered into escrow, along with your payment, and the payment is released and the deed filed/recorded. The lack of an addendum about the closing date would have little, if any, relevance.