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Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 42235
Experience:  Texas Attorney for 30 years dealing in real estate
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Trying to sell a home and the closing date was May 6. It is

Customer Question

Trying to sell a home and the closing date was May 6. It is now May 29 and I want out of the deal. I stressed in the beginning when we established the date that my father really needed the money quickly so that he could pay bills and taxes. Settled on
a price that was really low. The survey person keeps insisting that the property's measurements don't match up for the buyers mortgage and I am ready to say no deal. There was $1,000 of hand money, but these people have been renters and didn't even pay rent
for May. When I look at the sales agreement, there is a clause saying that if it doesn't close by the date set, that one can give notice of time being of the essence and choose a date between 15-30 days after for it to close. I have repeatedly expressed that
time was of the essence but didn't push a date. Also, it says that this agreement is contingent upon the fact that I should have been provided with a commitment letter from their lending institution within 20 days and I have never received that either. Can
I walk away, or do I have to give notice and wait more?
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Ray replied 2 years ago.
Hi and welcome to JA. I am Ray and will be the expert helping you today.
You can terminate the sale for failure to provide the commitment letter and failure to close because time was stated as being of the essence.If the folks are holding over you give them eviction notice and pursue forcible entry and detainer.
I would send them the termination letter first and then a notice to quit and proceed to foreclosure if they will not vacate.
The two grounds here support a termination letter to the buyer for failure to provide commitment letter and failure to close when time was of the essence.
You may need a local lawyer here to force them to leave, file eviction if necessary.
I appreciate the chance to help you today.Please let me know if you have more follow up.
Since they are buyers/renters this is more complicated since you have to terminate and get them evicted.
I appreciate the chance to help you today.Please let me know if you have more follow up.Thanks again.
Notice to quit..
Expert:  Ray replied 2 years ago.
PA lawyer referral to get them out of the house with foreclosure.
Thanks again.