Q: Can I ask for seller to lower price if they missed closing date? Is it legal?
On the initial contract, the seller and I agreed to close the house no later than Feb 19. Due to the seller not being able to fix the requested repairs, still can't close the house at March 5. Per seller's request, we are suppose to close on March 6, but now due to missed communication between agent and loan officer, they are moving the closing date to next week again. At this point I think that someone has to be responsible for the delays and compensate me a little bit especially house rental. I'm thinking about asking the seller to give me a lower price on the house (not by a lot. Maybe 1 or 2 k less).
Is asking for a lower price be an acceptable move? is it legal? I don't know much about real estate law so if someone can give me legal view on this i will really appreciate it.
Thank you,
Gideon
A:
If the original deal is 'dead' you can ask for any modification, or just not close at all. If you've extended the deadlines however, it is impossible to suggest what might be appropriate under the circumstances. Offers are always subject to negotiation, but once you've both agreed to something, you can't 'change your mind' -- seek local legal representation to review all the paperwork to determine what IF ANYTHING can be done at this point.
Bear in mind the 'ultimate' leverage in any deal is to be able to walk away and say 'never mind'. Once you've committed to a transaction by making an offer that was accepted, however, your ability to walk away may be limited. Get that local legal advice from a licensed attorney. Don't believe everything a real estate agent tells you and don't CONSIDER closing without a real estate lawyer reviewing the closing paperwork, especially if there were required repairs and contingencies involved!
--This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship. I am licensed to practice in Michigan only. Please seek competent local legal help if you feel you need legal advice!
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
