Real Estate Law
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Good morning Charles, I'm Doug, and I'm very sorry to hear of your situation. My goal is to provide you with excellent service today. You are not obligated to sign another addendum granting the additional time, and you may simply sue the buyer and claim breach of Contract. The damages you would seek would be all of the consequential damages flowing from their obligation to close from the date they last were obligated to close and you did not forgive by agreeing to an addendum extending the time. You can also make any agreement to wait once again for a closing contingent on their payment to you of a certain amount of money---to help cover all the losses you will incur by reason of another delay in the closing of the property. You can ask that they pay the insurance and any storage fees you may be incurring. You do not have to tolerate the continuing postponements and you do have the right to sue them for breach of contract and collect your damages if they will not close as planned. Please keep in mind that, even though you have already paid your deposit money over to JustAnswer, until you rate me highly for my service, I will not be paid for having assisted you with your questions. If you have additional questions, you may of course reply back to me and I will be happy to continue to assist you further until your questions have been answered to your satisfaction. I wish you the best in your future. Doug
I do have a follow up question based on your answer: The last addendum brought to us by our agent, the 4th delay, we signed on his advice and it agreed to the delay to the 30th. Most of our expenses were incurred prior to the 30th, but were based on that date as our expected closing (and receipt of funds to cover our expenses.) Therefore, we would require compensation for expenses prior to the last agreed on date (forgiven delay.) Is this a problem?
Also, since our real estate agent was contracted to represent us, and since he never advised us of theses alternatives when we were asked to sign the extensions, would we also have legal action against him and/or would he be included in any action against the buyers.
Hi Charles, I am happy to answer your follow up questions. When you sign an addendum granting additional time, in doing so you eliminate your ability to later sue for the damages that you have suffered. If you want to win the case for Breach of Contract you cannot continue to sign agreements giving them the additional time. The money lost which occurred up until the next closing date is something that cannot be recovered---because you granted them this addition time without making the extensions of time conditional on them giving you something of value for your agreement to postpone---such as the money you are losing by postponement. That is why I suggested that you demand something in return for any new postponements that you agree to. You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction. Please remember to rate my service to you when our communication is completed. I wish you the best in 2013, Doug
Thanks for the excellent advice. We would like to keep this thread open just a little bit longer until we have talked to our real estate agent in case another question crops up as a result.
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