Q: What rights do I have as a buyer? The seller has been dragging his feet on closing. It’s been 4 months since we signed.
We signed contracts for a home in the middle of September (tentative closing date was October 15th). Had our mortgage commitment by mid October. As we’re waiting on a closing date, seller notifies us that their underground tank has a leak, town is involved, and they’re correcting the issue. We waited until December 23rd when they finally let us know the issue was resolved. Now it’s the middle of January and they keep pushing the closing date further and further out. Our attorney says “as of now” it’s January 24th. We think they’re trying to coordinate sale of this home and purchase of another (why is this our problem?!) What can prevent them from dragging this on another 4 months? Can we back out and get our money back? I feel like my hands are tied behind my back and they’re taking advantage of us. What can we do? Attorney says “time is of the essence letter” is useless. So we’re at their mercy? Help.
A: I disagree with your lawyer. Time of the essence letter is required as a predicate to anything else. Then, you can bring a specific performance action and charge them with the fees.
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