Is it the buyers’ responsibility to stay on top of all loan deadlines and know about extension fees?

I went into contract 2 months ago to purchase a house with an FHA loan. Our realtor was supposed to send a calendar of events last month but never came through. Without any reminders from either our realtor or broker, we reviewed the loan app last week and discovered the loan expires on 3/8 this week. The sellers have been working on required repairs for the past month and won’t be done until this week so our broker told us we have to file for an extension of at least 5 days with a fee of $350 or 10 days at $750. I want to express my frustration to my realtor but was it my responsibility?

Asked on March 6, 2012 under Real Estate Law, California

Answers:

Hong Shen / Roberts Law Group

Answered 8 years ago | Contributor

It is pretty much the case. Once you signed the sales contract, it is up to you to get a loan approved and follow it through. Your realtor may help but it is not his or her responsibility to follow through the loan.


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.