NC Closing - Posted by Dom

Posted by Rich-CA on April 20, 2007 at 23:39:01:

Your sales contract should have a close of escrow (COE) date on it. If they want to pass that date, they are supposed to get a addendum or extension signed. Find that date and then send them a “Notice to Perform”, or whatever the demand they fulfill their obligations under the contract is called in NC. If they don’t respond in a way that’s acceptable, you should be able to cancel the agreement on written notice.

NC Closing - Posted by Dom

Posted by Dom on April 17, 2007 at 22:17:09:

I am selling a house in NC. We are 5 days past our closing date, and I don’t see the buyers, their agent, or their loan people getting their act together in the near future. I know they have a “reasonable time” to close. What I cannot find is what constitutes a reasonable time. Does anyone know how long this period is?

Re: NC Closing - Posted by Sailor

Posted by Sailor on April 22, 2007 at 22:54:13:

This is when I present a “come to Jesus” letter to all parties,
notifiying them they are not in complliance w/the sales agreement
& what the consequences are if they do not complete their work
by such & such time & date. I usually try to assign responsibilities
@ that time–OK, Mr. Realtor, this was your survey guy & he isn’t
even returning calls after 5 months. You need to tell both him &
the seller that I’m cancelling the deal if I don’t have that corrected
survey in my hand by Wednesday. Your seller has not provided
me with the copies of all leases that were due 3 weeks ago. Can
you get me those papers this afternoon or should we get your
broker involved?

Dom, somebody has to be the general, & it’s probably going to be
you. You can then delegate responsibilities. Just make the
consequences clear if you do not close in X days. Fuss & nag &
get folks to do their jobs. I bring beribboned bottles of champage
to closing when it finally happens. Every party to the transaction
is now cooled down & getting paid, so it’s a good time to smooth
over anyone’s tender feelings w/some good cheer. I want to
continue to do biz w/the same folks in the future–no sense in
training 'em & then starting all over. Treat folks fair & give them a
little appreciation, & they’re more likely to do better on the next
deal. If it is any solace, Dom, the only escrow I’ve had go
perfectly was the one where the escrow co. refused to do the deal,
so the seller & I went out in the parking lot & closed it ourselves,
w/me counting out ca$h on the hood of the car.

Good luck!