RE/MAX Escarpment
Languages
Specialties
Buyers, Condominiums, Downsizing, First Time Buyers, First Time Sellers, Investments, Luxury Homes, New Construction, Power of Sale, Residential, Sellers
Locations
Ancaster, Beamsville, Binbrook, Burlington, Downtown Hamilton, Dundas, Flamborough, Grimsby, Hamilton, Hamilton Mountain, Smithville, Stoney Creek, Waterdown, Central Hamilton, East Hamilton, West Hamilton
May 25, 2022
Has this happened to you? Let me know your Experience.
Every now and then a house does not close. Some not on time and some not at all. In this particular instance, The Buyer and Seller were both willing to do their part, it was the bank that was back logged and dropped the ball on the time frame of the closing.
What to do? With a Buyer and Seller who are willing to work with each other and focus on the prize, there are some solutions. Firstly, between the lawyers, they can agree to an extension of the closing date. What does this entail. There are some daily costs that need to be paid by the Buyer or the Seller like daily taxes, interest, fees etc. Usually the party who is at "Fault" will absorb this smaller fees to get a extension.
The Seller may also request that the Buyer put more of a deposit down on the home and even make it non-refundable. A little give and take. Sometimes there is a mutual agreement where the Seller may wat to sell it again and the buyer is willing to walk away and hey split the difference of the original deposit. Always contact your lawyer in these situations.
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