Home, Land, Property Buying and Selling - Purchase Agreement
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indyhoov
04-23-08, 03:03 AM
I am trying to sell a house and have signed a purchase agreement with a buyer. There is no "expiration date" stated in the agreement. The only date stated is that "closing would be within 30 days and be extended as necessary to complete all paperwork requested". No money has exchanged hands. The buyer is taking his time in pursuing this and I am anxious to get it over with.
I now have another interested buyer. Are there any guidelines of how long this purchase agreement is binding?
I now have another interested buyer. Are there any guidelines of how long this purchase agreement is binding?
michaelshortt
04-23-08, 08:40 AM
I am not sure you have a legal document without a closing date. If you are using an agent discuss this with their broker or if you are doing it on your own contact a lawyer.
twelvepole
04-23-08, 10:02 AM
One should always have a real estate attorney to review contracts before you sign. If FSBO, it is even more important. Even with FSBO, a standard realtor contract is used and usually contains:
"CLOSING DATE: This Contract shall be closed and the deed and possession shall be delivered on or before the
______ day of ______________, 20______, unless extended by other provisions of this Contract or separate agreement."
Your contract reads: ""closing would be within 30 days and be extended as necessary to complete all paperwork requested." This could mean until the cows come home. A consultation with a real estate attorney should answer your questions.
"CLOSING DATE: This Contract shall be closed and the deed and possession shall be delivered on or before the
______ day of ______________, 20______, unless extended by other provisions of this Contract or separate agreement."
Your contract reads: ""closing would be within 30 days and be extended as necessary to complete all paperwork requested." This could mean until the cows come home. A consultation with a real estate attorney should answer your questions.
DIYaddict
04-23-08, 10:46 AM
As agreed w/the others.
You can also type up an addendum and/or an amendment stating what you want changed. IE: "Escrow to close on or before XX/XX/2008 or ...". If the you and buyer sign it...so be it. It's done. Be specific. Definitely speak to your agent.
I thought "closing date would be within 30 days and be extended as necessary to complete all paperwork requested" starts from the day they sign the contract?
You can also type up an addendum and/or an amendment stating what you want changed. IE: "Escrow to close on or before XX/XX/2008 or ...". If the you and buyer sign it...so be it. It's done. Be specific. Definitely speak to your agent.
I thought "closing date would be within 30 days and be extended as necessary to complete all paperwork requested" starts from the day they sign the contract?