Real Estate Law
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Do you have any financing contingency in the purchase contract that says you can walk away if you can't get it financed?
Is the seller threatening to cancel the sale?
Was there the phrase "Time is of the Essence" in the contract anywhere?
Ok, how about the clause I mentioned?
In a real estate transaction, both parties have a duty of good faith to work together to get the deal done. So if there is no "Time is of the essence" clause, then all deadlines are "soft" meaning that as long as the parties are working towards a close, both sides have a duty to extend them.
So if you have a financing contingency clause in your purchase contract (and you should, as well as an appraisal continency) then if your financing falls through, you get your deposit back and both parties walk away as if they had never met.
But as long as you are moving towards a close, the seller has a duty to work with you.
As an aside, in addition to being an attorney, I have also been a licensed Realtor for over 15 years and used to be a closing attorney for 4 different lenders..