Ifa seller delays closing, how does the buyerget them to pay for any increase in the finance rate?

UPDATED: Oct 9, 2010

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

UPDATED: Oct 9, 2010Fact Checked

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

Ifa seller delays closing, how does the buyerget them to pay for any increase in the finance rate?

My wife an I are under contract and are trying to close on a house. There are some seller title issues (divorce lawsuit and mechanics lien on the seller’s property). These all has delayed the closing by over 30 days. We “should” close in approximately 2 weeks but our low-interest mortgage financing expires in a few days. How do we get the seller to pay for this percentage increase since it appears unlikely that bank will extend this rate any further? By contract, we have the option of walking away, but we really want this property.

Asked on October 9, 2010 under Real Estate Law, Florida


M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

Technically, you may not be able to.  Your contract controls and it looks as if your onlylegal recourse is to walk from the deal (this is a quite typical provision).  But as a practical matter, perhaps given the poor real estate market you may be able to negotiate a reduction in the purchase price.  You should run this by your attorney if you have one; if not, you should see one and for an hour or so of their time they can help walk you through some options.

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.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption