<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by michy71:
My husband and I are in the processing of buting a house in Florida. On our Contract with the seller we agreed to have the closing date on July 13th 2000. The bank that is doing our mortgage will only hold the interest rate until June 29th. The broker contacted the owner and tolf him the closing date was going to be June 29th. The owner refused that date and stated he was not closing until July 13th and if we did the closing before this date he is going to stay in the house until July 13th rent free. Our Realtor, my husband and I reviewed the contract closely and it states the closing can be on or before July 13th. Can the seller demand to have the closing on July 13th and not negotiate with us? And if the closing is before July 13th can the seller live in the house rent free when the house is legally mine?<HR></BLOCKQUOTE>
Based on the language in the contract stating the closing date of "on or before July 13", the Seller has no obligation to close anytime before that date but must close either before or at the latest on that date of July 13. Therefore even if you signed all the closing documents earlier, the Seller does not have to sign yet and can hold off until notified by escrow in order to meet the closing date. The other option the Seller may have is to sign all the closing documents and give writen instructions to escrow not to record until July 13 or close to this date. In any case until the property is recorded or transferred to you and your husband as the new Buyer, the Seller may live in the home as it is their home. You should discuss this situation with your Realtor. If you feel the bank will increase the interest rate after expiration of the lock on June 29, what is the value over the life of the mortgage? It may be beneficial to negotiate with the Seller and pay the Seller something extra in order to motivate them to close earlier to preserve the interest rate. That would be an economic decision you would need to make.
