Seller delay of closing on bank owned property

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Seller delay of closing on bank owned property

The home (condo) is vacant and bank owned so seller is the bank. Title discovered deed does not list building number so deed had to be rerecorded. So far it has not been recorded although 9 days has passed. Have contacted recorder and they have not recieved anything from seller yet so delay is not on their end. Seller is impossible to reach and delay in closing is costing money. Original date for close of escrow on purchase agreement has come and gone. Is seller subject to the daily penalty ($100) for not delivering keys, etc. according to date on purchase agreement? If not, what motivation do they have to expedite fixing the problem so we can close?

Asked on May 15, 2009 under Real Estate Law, Washington

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

If you don't already have an attorney representing you in this purchase, you need one now.  One place to look for a real estate lawyer in your area is our website, http://attorneypages.com

Ordinarily, the closing date in a real estate contract is not understood to be exact, but only an estimate, and any reasonable time after that date is ordinarily allowed.  It sounds like your contract might have some language that changes that, however.  Another way in which you can make someone close title, in some states, is a written demand making "time of the essence."

Exactly what your rights are, here, depends on all of the facts, including the language of your contract.


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