Closing Question - HELP

Charly Posted: Mar 30, 2004 09:09 AM

Closing Question - HELP

Can someone explain this to me?

When we signed the contracts - the closing date was worded as follows 'April 1st no later than April 30th'

We got a call from the lawyer yesterday stating that the only time the sellers can close is April 30th.

I've heard that it is extremely rare that you ever close on the first scheduled date (something always goes wrong, bank, lawyers, buyers, sellers, etc.)

What happens if April 30th rolls around and someone decides its not good and we need to reschedule the closing after April 30th? Can they do that????

I lose my apartment May 1st!!!

november12003 Posted: Mar 30, 2004 09:12 AM

Re: Closing Question - HELP

They'll usually extend the date even though it's in the contract. Ours got extended a few times.

Charly Posted: Mar 30, 2004 09:20 AM

Re: Closing Question - HELP

That's terrible...I'm going to be homeless. What the heck is a contract for then??

Valentinegirl Posted: Mar 30, 2004 09:39 AM

Re: Closing Question - HELP

Mine is June 1st. Oh no. I hope its not too much later. Can you stay in your apartment a bit longer if needed?

Charly Posted: Mar 30, 2004 09:59 AM

Re: Closing Question - HELP

Posted by Valentinegirl

Mine is June 1st. Oh no. I hope its not too much later. Can you stay in your apartment a bit longer if needed?

no I don't think so. I live in one of those doormen buildings in NYC - the rental offices are usually pretty good a filling vacancies. We had to return our lease over a month ago stating that we are leaving.

Valentinegirl Posted: Mar 30, 2004 10:03 AM

Re: Closing Question - HELP

Sorry. We are gonna tell our landlord on or after June 1st just in case. I heard of this happening.

Kelly9904 Posted: Mar 30, 2004 10:12 AM

Re: Closing Question - HELP

They have 30 days after the date on the contract to close. Ours is set for June 1st too, valentinegirl but I am not holding my breath that it happens that day. I am hoping it will happen by June 15th!

But talk to your lawyer if they are not out by the end of those 30 days, there might be something in your contract stipulating that the owners have to pay you a fee for every day they are in the house after your date to cover your living expenses. I know someone who was in this situation and instead of pay, the homeowners moved in time.

februarybride Posted: Mar 30, 2004 11:33 AM

Re: Closing Question - HELP

Unfortunately they can. Our date on the contract was March 1st and we didn't close until April 22nd! I would talk with your lawyer and tell him that you lose your apartment and see if there is something they can do for you.

heidla Posted: Mar 30, 2004 01:54 PM

Re: Closing Question - HELP

Our closing was suppose to be June 30,2003 and we finally closed on August 21,2003. We had to extend the lease on FH apartment so that we would not be homeless.

luvsun27 Posted: Mar 30, 2004 03:05 PM

Re: Closing Question - HELP

I was kinda in the same boat...my closing was supposed to be Feb. 28...but wound up closing on March 15 (my lease was up on March 30). The sellers were pushing for an April closing...

My attorney told them that if it went past a certain date...they would have to pay for me to put my stuff in storage...and moving expenses (since I would have to move 2x...once from my apt. to storage and once from storage to my new house). They suddenly worked out a way to close on March 15...so it didn't cost them extra money. Talk to your attorney...this kind of thing happens all the time.

Buttafli1277 Posted: Mar 30, 2004 07:46 PM

Re: Closing Question - HELP

Our closing didn't happen on the day it was supposed to. It was pushed back a week later. I was soo mad!

Charly Posted: Mar 30, 2004 08:16 PM

Re: Closing Question - HELP

I'm sooo SCARED! This STINKS! The lawyer keeps telling me that if we both agree to a date upfront its very rare that it doesn't happen. I don't think I believe her!!!!!

februarybride Posted: Mar 30, 2004 08:20 PM

Re: Closing Question - HELP

THe only thing is that even if you do close on the 30th, the old homeowners have 5 days to move out. I think you should push for at least 5 days before the 1st of May!

Anne01 Posted: Mar 30, 2004 09:25 PM

Re: Closing Question - HELP

Just be sure your attorney understands your situation. Good Luck!!

Charly Posted: Mar 30, 2004 11:06 PM

Re: Closing Question - HELP

Posted by februarybride

THe only thing is that even if you do close on the 30th, the old homeowners have 5 days to move out. I think you should push for at least 5 days before the 1st of May!

Are you guys trying to kill me??

No - just playing! I know you are just giving the information I asked for (and need.) THANKS!

My poor lawyer isn't going to know what hit her tomorrow morning!!

PS Anyone want a roommate? My FH doesn't eat much.......

februarybride Posted: Mar 31, 2004 10:40 AM

Re: Closing Question - HELP

I'm sorry

Valentinegirl Posted: Mar 31, 2004 10:43 AM

Re: Closing Question - HELP

Posted by Oct04Bride

Posted by februarybride

THe only thing is that even if you do close on the 30th, the old homeowners have 5 days to move out. I think you should push for at least 5 days before the 1st of May!

Are you guys trying to kill me??

No - just playing! I know you are just giving the information I asked for (and need.) THANKS!

My poor lawyer isn't going to know what hit her tomorrow morning!!

PS Anyone want a roommate? My FH doesn't eat much.......