Q: The loan termination deadline was today. I've been asked by buyer to sign an addendum changing it to 9/5.
As a seller with cold feet can I use this to somehow to get out of the home purchase contract unscathed? Here is the relevant text:"New Loan Review. If Buyer is to pay all or part of the Purchase Price with a New Loan, this Contract is conditional upon Buyer determining, in Buyer’s sole subjective discretion, whether the New Loan is satisfactory to Buyer, including its availability, payments, interest rate, terms, conditions and cost. This condition is for the sole benefit of Buyer. Buyer has the Right to Terminate under § 25.1, on or before New Loan Termination Deadline, if the New Loan is not satisfactory to Buyer, in Buyer’s sole subjective discretion. Buyer does not have a Right to Terminate based on the New Loan if the objection is based on the Appraised Value(defined below)or the Lender Requirements (defined below).IF SELLER IS NOT IN DEFAULT AND DOES NOT TIMELY RECEIVE BUYER’S WRITTEN NOTICE TO TERMINATE, BUYER’S EARNEST MONEY WILL BE NONREFUNDABLE, except as otherwise provided
A: From the language it doesn’t appear that you have a right to terminate the contract.
A:
A Seller has no duty to agree to an extension of the closing date. Often, Sellers who wish to force the buyer into breach refuse to agree to extensions, especially when the Buyer offers no incentive for the Seller to agree.
Good Luck!
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