Closing Date Conflict

[chilibill]

What is the name of your state? Arizona

I have a contract to purchase a house in Arizona. I am trying to sell my house in another state, but the market seems to have suddenly slowed. I am worried about the sale of my house in time to meet the closing date on the house I am buying.

With regards to the house I am buying, the “Offer” section the contract states “The Seller and Buyer will comply with all terms and conditions of this Contract and close escrow on 10/15/2003.” Under the “Additional Terms and Conditions” section of the contract it states “This Contract is contingent upon the sale and closing of Purchasers property at ……………..”

Which section is binding? Will I have to meet the October 15 closing date or must the seller wait until my other property sells, if that occurs later?

 

[Bigfoot]

How did your Realtor answer when you asked?

 

[chilibill]

My realtor seemed to think the contingency of selling my home took precedence. For reassurance I thought I would solicit the views of Forum members with a legal background.

 

[JETX]

Your answers:
Your contingency will allow you to cancel the contract if your property does not CLOSE on or before October 15th. And since that time is quickly approaching it is increasingly likely that the closing will not happen.

On October 16th, the sellers are free to return your money to you and cancel the contract, or could offer an extension on the closing date. Get whichever they chose in writing.

Oh, and dump your real estate agent. She is clearly inept if she wasn't CLEARLY able to explain the above to you.

 

[HomeGuru]

and clearly ignorant on writing contracts.