Posted by Steve Heller on March 15, 1999 at 18:57:09:
Thanks for your comments. We closed today, right on time.
Steve Heller
What happens if Closing Company is Late??? - Posted by Steve H.
Posted by Steve H. on March 13, 1999 at 07:42:18:
I am suppose to be closing on property this Monday. The contract states that the closing should be on 3/15/99 or before. The mortgage company guy told the my insurance guy that there is a possibility that the closing may be on Wenesday-2 days after the stated date in the contract. I have talked with the seller and he wants to close on Monday. If the closing company can’t close until Wenesday the seller could void the contract, I assume. And I could loose around $800. Does anyone have any thoughts or experience with this?
Your input appreciated.
Steve H.
Re: What happens if Closing Company is Late??? - Posted by Bill Gatten
Posted by Bill Gatten on March 13, 1999 at 13:15:37:
Have Escrow send the seller a modification letter re. the extension to sign.
Bill
Re: What happens if Closing Company is Late??? - Posted by Bob-Tx
Posted by Bob-Tx on March 13, 1999 at 10:17:30:
Seems to me that alost every closing we do is late. This is sort of the norm in my market area and you will probably find it true for your neck of the woods.
Call your escrow officer and find out why they are late…it can be any of a number of things.
Read the contract carefully and I believe you will find that it states a closing date then qualifies it with some statement indicating you will close within a certain number of days after a commitment to insure the title is received from the title company.
The performance clause of the contract is geared toward you and the seller…you must perform within a certain time frame AFTER every contingency is met.
Now call the seller and explain to him the reason for delay and that you are ready to go as soon as title can be insured.
Then relax!