What is my recourse if I need an extension to close on my house?
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What is my recourse if I need an extension to close on my house?
I am currently selling my home and it is in escrow with a buyer closing in 3 days. I have asked them
for a 30 day extension. The buyer is asking me to pay an arm and a leg. I feel they are taking
advantage of my vulnerable situation. I have had to rush to my home in new zeland due to my father
passing unexpectedly. And will still be here for a few more weeks. Do I have any legal rights due to my
situation? I do want to sell; I just need a little more time to get back to the states and pack the house.
Asked on August 28, 2017 under Real Estate Law, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Unfortunately, they do not have to give you an extension: they can hold you to the closing date, which you are contractually committed to, and sue you if you cannot or will not close on time. You need their consent, or voluntary agreement, to an extension; therefore, you need to work something out that you can afford and they will accept in exchange for an extension, and make sure you put that agreement (if you can come to an agreement) in writing.
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