Contingency expiration?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Contingency expiration?
We recently put an offer on a home contingent on the home not requiring flood insurance. It did but the seller put in a request for map amendment with FEMA as we moved forward as we were made to believe the request would
be be approved. We extended the closing date. The request was denied. My realtor is now saying that the contingency has expired and we cannot back out without the losing our earnest money. Are we still protected under the contingency clause?
Asked on June 10, 2017 under Real Estate Law, Indiana
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
No, if there was a certain or specific date in the contingency and that date has passed or expired, you cannot back out--it doesn't matter why you missed the date to exercise the contingency, such dates are nonethelesss enforceable against you. If there no specific date for the flood insurance contingency, then the date by which it needed to be fulfilled--or by which you could terminate the agreement--would be the closing date (i.e. if there no specific date regarding the insurance, they'd need to show it did not need flood insurance before you closed). In this case, if you have yet closed, you should be able to terminate the agreement.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.