If a real estate transaction has been stretched out/delayed by more that 3 months, do I have recourse?
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If a real estate transaction has been stretched out/delayed by more that 3 months, do I have recourse?
The property in question has been on the market for about 9 or 10 months. It is a vacant rental property; there has been no income for the past 7 months. A sales contract was signed 4 months ago, yet it still has not closed after 4 extensions. As of yesterday, there is still no confirmed closing date. The HELOC lender, despite my continuous correspondence to them the regarding sale, has placed us into a foreclosure situation. What are my rights?
Asked on November 22, 2018 under Real Estate Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
If there is a contract on the property, that contract can be enforced: that is, if you are the seller and the buyer will not close as contractually agreed, you could sue the buyer to force them to by the property and/or for monetary compensation. The lender, however, may foreclose if they have not been paid; they are under no obligation to wait until you close or could pay them. Your recourse is against the person who is not honoring the contract. You should consult with an attorney about how best to enforce you contractual rights and how properly file a legal action.
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